LNG spot prices in Asia have dropped to a 17 month low, following a decline in recent trading activity in the region.
Asian LNG spot prices have fallen below the UK’s current gas price, prompting the redirection of several LNG cargoes from Asia to Europe.
Nick Prowse and Penny Cygan-Jones, Norton Rose Fulbright LLP, UK, consider the global outlook for the LNG industry, with a focus on recent developments in the US, Asia, Australia, South Africa and Africa.
Royal Vopak will acquire a total share of 44% of ETPL in separate transactions with IFC and Engro Corp.
Asian LNG spot prices have experienced a 10% slide this week to a more than three month low due to declining oil prices.
Engro has announced that a decision on its next LNG import terminal in Pakistan is at least a year away as regulations and commitments need clarification.
Pakistan is at risk of losing foreign investment in its LNG industry as it contemplates the renegotiation of two LNG terminal contracts.
Asian spot LNG prices have suffered a further decline from multi-year seasonal highs as demand remains low.