8 New LNG Terminals in 2023

The LNG industry is witnessing a transformative period with the commissioning of several new LNG terminals in 2023. These terminals are not only increasing global LNG capacity but also significantly impacting local and global energy markets. Here are eight notable LNG terminals that started operations in 2023, their capacities, and their anticipated impacts.

1. Hong Kong FSRU (China)

• Capacity: 6.1 MTPA
• Description: The Bauhinia Spirit FSRU in Hong Kong represents the largest capacity addition in 2023. This floating storage and regasification unit enhances Hong Kong's energy security by diversifying its energy sources and reducing reliance on imported coal and oil.
• Impact: The terminal is expected to provide a more stable and cleaner energy supply, supporting Hong Kong's environmental goals and energy transition efforts.

2. El Musel LNG Terminal (Spain)

• Capacity: 5.9 MTPA
• Description: Located in the port city of Gijón, the El Musel LNG terminal boosts Spain's LNG import capacity significantly. This onshore terminal plays a critical role in meeting the growing energy demands of Spain and the broader European market.
• Impact: El Musel enhances Europe's energy security, providing an alternative to pipeline gas imports and supporting the continent's transition to cleaner energy.

3. Gulf of Saros FSRU (Turkey)

• Capacity: 5.6 MTPA
• Description: Turkey's Gulf of Saros FSRU contributes to the nation's strategy of enhancing energy security and diversifying its energy mix. This floating terminal offers rapid deployment capabilities and flexibility.
• Impact: The terminal strengthens Turkey's energy infrastructure, ensuring a reliable supply of LNG to meet its industrial and residential energy needs.

4. Batangas Bay LNG Terminal (Philippines)

• Capacity: 5 MTPA
• Description: The Batangas Bay LNG terminal marks the Philippines' significant entry into the LNG market. This terminal is crucial for reducing the country's reliance on coal and oil, promoting a cleaner energy landscape.
• Impact: It provides the Philippines with a stable and cleaner energy source, supporting economic growth and environmental sustainability.

5. Thi Vai LNG Terminal (Vietnam)

• Capacity: 3 MTPA
• Description: Vietnam's first LNG terminal, Thi Vai, represents a significant step in the country's energy infrastructure development. It supports Vietnam's growing energy needs and aligns with its goals for sustainable development.
• Impact: Thi Vai LNG terminal is expected to reduce Vietnam's dependence on coal, lower emissions, and provide a stable energy supply for industrial growth.

6. First Gen LNG Terminal (Philippines)

• Capacity: 5 MTPA
• Description: Operational in October 2023, the First Gen LNG terminal further strengthens the Philippines' LNG infrastructure. It complements the Batangas Bay terminal and boosts the nation's LNG import capacity.
• Impact: This terminal enhances energy security and supports the Philippines' transition to a more sustainable energy mix.

7. Dhamra LNG Terminal (India)

• Capacity: N/A (Commenced operations after delays)
• Description: Although delayed, India's Dhamra LNG terminal commenced operations in 2023. It plays a crucial role in meeting India's increasing energy demand and supports the nation's transition to cleaner fuels.
• Impact: The terminal provides India with a reliable supply of LNG, essential for its economic growth and energy diversification efforts.

8. Germany and Finland FSRUs

• Capacity: Various (Contributing to a total of 24 MTPA in Europe)
• Description: Europe saw a surge in new floating regasification units (FSRUs), particularly in Germany and Finland. These units collectively added significant capacity, reflecting the region's focus on energy diversification and security.
• Impact: The new FSRUs enhance Europe's LNG import capabilities, providing greater flexibility and resilience against supply disruptions.

Conclusion

The commissioning of these new LNG terminals in 2023 has significantly enhanced global LNG capacity and impacted local energy markets. These terminals are crucial for meeting growing energy demands, enhancing energy security, and supporting the global transition to cleaner energy sources. As these facilities come online, they will play a vital role in shaping the future of the global energy landscape.