Taipei - Taiwan’s clean energy plan, low reliance on coal, uncertainty on the future of nuclear energy and rising electricity demand collectively signal higher LNG demand in the country, writes Drewry in its latest report.
In Asia, even as China leads the charge towards becoming the largest LNG importer in the world, Drewry expects Taiwan to step up and absorb a significant portion of upcoming LNG supply.
Drewry’s LNG demand outlook is positive with Taiwan’s LNG import prospects playing a significant role. Taiwan aims to increase the share of LNG in its energy mix from 38% currently to 50% by 2025. The country’s plan to build a third LNG terminal (Dalan Borought LNG terminal of three million tonnes per annum (mtpa) capacity) - shows the government’s commitment towards increasing the use of LNG. With the commissioning of the third LNG regasification terminal by 2023, Taiwan’s LNG import capacity will increase from the current 11.7 mtpa to 14.7 mtpa.