Oil Review Middle East 6 2014
Since the first two LNG tankers carrying 5000 m⊃3; of LNG left the Algerian port of Arzew for the UK and France in 1958 the global trade in LNG has grown in value to reach $150bn accounting for some 10 per cent of the global trade in natural gas. Today 24 countries export LNG to around 29 countries. Qatar, Malaysia, Australia, Nigeria and Indonesia are in rank order the world’s top five LNG exporters. Asia Pacific countries dominate the global market for LNG notably, Japan, South Korea, China and India. The LNG trade is expected to grow at a compound annual rate of 2.8% between 2013 and 2019 (Hellenic Shipping News, 11 July 2014) underpinned by rising Asian demand.