(Source = Shell Korea)
Last year, when the new coronavirus infection (Corona 19) spread, demand for liquefied natural gas (LNG) increased from the previous year. It is an analysis that China and India led the demand recovery.
Shell Korea announced on the 25th (UK local time) that global energy company Shell has released the’LNG Outlook Report’. The report contains the flow of the LNG market and future supply and demand forecasts.
According to the report, last year’s LNG trading volume reached 360 million tons. This is an increase of 2 million tons from the previous year, which recorded 358 million tons.
It is interpreted that the LNG market has a high degree of flexibility and resilience, as the global GDP declined last year due to the Corona 19 effect.
Shell explained that China and India led the recovery in LNG demand. Last year, China’s LNG imports were 67 million tons, an increase of 7 million tons from the previous year. India’s imports also increased by 11% from the previous year.
Shell predicts that LNG demand will reach 700 million tons by 2040. It is also predicted that the Asian region will contribute about 75% to the increase in LNG demand.
Martin Vesla Shell, Vice Chairman of Integrated Gas, Renewable Energy and Energy Solutions, said, “LNG has shown high resilience even in unprecedented difficult situations due to COVID-19 over the past year, providing power to people’s lives as a flexible energy source that the world needs. I said.
“Companies including several countries and shells are setting targets with net emissions and building low-carbon energy systems.” “Natural gas and LNG are the cleanest fossil fuels and an important role in helping to achieve energy goals. I will do it,” he added.