According to Reuters, plans to construct a US$2 billion LNG project in the Philippines have been put on hold by backers CNOOC Gas and Power and Phoenix Petroleum Philippines Inc.
Asian LNG spot prices have fallen for a third consecutive week, in response to forecasts of a mild winter.
Asia will reportedly lead the global LNG regasification industry in capacity growth from newbuild projects by 2023, says GlobalData.
According to Reuters, low LNG spot prices are having little impact in Asian markets, while the European import market has seen a significant boost.
Asian LNG spot prices have slipped in response to a surge in supply, which has flooded the market at a time when regional demand has remained stable.