International Energy Agency: LNG investments reach $ 50 billion in 2019
Economy News _ Baghdad
Fatih Birol, head of the International Energy Agency, said investments in LNG hit a record $ 50 billion in 2019, with Canada and the United States as the main drivers.
The industrial sector is the largest LNG engine in Asia, with China expected to surpass Japan as the largest fuel importer in five years, Birol said.
`` This year 2019, has already broken the highest levels ever (of final investment decisions), by $ 50 billion, '' Birol told the annual conference of LNG producers and consumers in Tokyo.
"The biggest growth will come from China, in the next five years, about a third of global LNG demand will come from China alone."
Japan and South Korea's LNG imports are expected to remain important, but slowing growth there means the biggest contribution will come from China, he said.
Other countries in Asia, including Bangladesh, India, Pakistan and Thailand, are also importing more LNG.
European imports of liquefied natural gas (LNG) will also rise, with domestic gas production falling and countries diversifying supply sources, Birol said.
He noted that the United States will account for two-thirds of global growth in LNG exports.