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1、The LNG industryGIIGNL Annual Report2022ProfileGIIGNL is a non-profit organisation whose objective is to promote the development of activities related to LNG: purchasing, importing, processing, transportation, handling, regasification and its various uses.The Group constitutes a forum for exchange o
2、f information and experience among its 84 members in order to enhance the safety, reliability, efficiency and sustainability of LNG import activities and in particular, the operation of LNG import terminals.Acknowledgements We wish to thank all member companies for their contribution to the report a
3、nd the following international experts for their comments and suggestions: Cybele Henriquez Cheniere Energy Najla Jamoussi Cheniere Energy Sarah Holden Clarksons Oliver Stavrinidis Clarksons Laurent Hamou Elengy Luis Ignacio Parada Enags Mara ngeles de Vicente Enags Paul-Emmanuel Decros Engie Oliver
4、 Simpson Excelerate Energy Dimitris Alexiou Excelerate Energy Andy Flower Flower LNG Mathias Borgnes Hegh LNG Thomas Thorkildsen Hegh LNG Gavin Stevens MOL Carlos Humphrey Naturgy Energy Group Mayumi Ikeda Tokyo Gas Laurent Chaveron TotalEnergies Xinyi Zhang TotalEnergies GIIGNL - International Grou
5、p of Liquefied Natural Gas ImportersAll data and maps provided in this publication are for information purposes and shall be treated as indicative only. Under no circumstances shall they be regarded as data or maps intended for commercial use. Reproduction of the contents of this publication in any
6、manner whatsoever is prohibited without prior consent of the copyright owners.ProfileIn 2021, natural gas markets were characterized by persistent supply constraints and fast recovering demand, which put strong upward pressure on LNG prices and highlighted the interdependence and vulnerability of en
7、ergy supply chains. The looming price volatility has been exacerbated in February 2022 by the Russia-Ukraine conflict, and the current European energy crisis proves to be a stark reminder of LNGs vital role in ensuring energy security and economic stability. Governments and public institu-tions are
8、becoming increasingly involved in the LNG business, and we will monitor the consequences of this paradigm shift over the course of the coming year.During 2021, LNG imports returned to robust growth, reaching 372.3 MT, a 4.5% increase over 2020. Asia remained the main demand center for LNG, growing b
9、y 7.1%. Strong economic recovery in China, rising natural gas demand for power generation in South Korea, lower than expected pipeline gas supplies to Europe and reduced availability of hydropower in Brazil contributed to the significant increase in global LNG demand. China overtook Japan as the wor
10、lds top LNG importing country, recording a 15% annual growth. On the supply side, the United States added 22.3 MT of new volumes to the market, recording a 49.8% rise in exports and becoming Europes lea-ding LNG supplier.With 68 new vessels delivered during the year, the LNG shipping fleet reached 7
11、00 vessels, including 48FSRUs and 31 LNG bunkering vessels, represen-ting a 9% increase in cargo capacity. Freight rates remained very strong throughout the year and the or-derbook at year end was remarkably high, with 196 units to be delivered by 2025.Global regasification capacity rose by 46 MTPA
12、last year, reaching 993 MTPA. Four new large-scale ter-minals were brought in operation in Brazil, Croatia, Indonesia and Kuwait. Five expansion programs were completed, four of which in China and one in Japan. Croatia became the 44th LNG importing market, while at least 6 new markets could start im
13、porting in 2022, in El Salvador, Ghana, Hong Kong, Philippines, Sene-gal and Vietnam.In the meantime, LNG production has been strug-gling to keep pace with demand, which sent spot LNG prices upwards. While 7.4 MTPA of new ca-pacity came onstream, 5 MTPA of which in the United States, global LNG expo
14、rts were affected by unscheduled maintenance and shortfalls in feedgas. Increased output from the US, Egypt, Malaysia and Russia was partly offset by lower exports from Ango-la, Indonesia, Nigeria, Norway, Peru and Trinidad. In 2021, only two FIDs were taken, the North Field East expansion project i
15、n Qatar, which will add 33 MTPA of liquefaction capacity from 2025, and Pluto LNG Train 2 in Australia, for 5 MTPA. By 2025, more than 120 MTPA of new liquefaction capacity are planned to progressively come online, which should partly re-lieve tensions in the LNG market. In an environment marked by
16、geopolitical tensions, risks of energy shortages and price volatility, last year saw a strong return of long-term contracts. Asian buyers, notably Chinese NOCs and independent im-porters played a leading role in securing new term purchases from the US, Qatar and Russia.In the future, the much-needed
17、 substitution of coal and polluting liquid fuels as well as the geographi-cal mismatch between natural gas production and consumption regions will generate significant addi-tional LNG demand. While many economies in the world are facing rising energy bills and energy supply security issues, LNG has
18、clear potential to support economic growth and the achievement of net zero carbon ambitions, provided that additional invest-ments in all stages of the natural gas and LNG supply chains are made to meet expected demand growth. The LNG industry is also continuing its efforts to re-duce the carbon foo
19、tprint of the LNG supply chain and drive transparency on greenhouse gas emissions, in-cluding methane. In this regard, GIIGNL published in 2021 the first holistic framework to monitor, report, verify and offset GHG emissions from LNG cargoes.In an environment dominated by energy security issues and
20、decarbonization commitments, LNG is a proven, clean and flexible solution, which is uniquely placed to meet sustainability challenges while en-hancing competitiveness and energy resilience. As the International Association of LNG Importers, GIIGNL remains committed to promote dialogue and share expe
21、rience to ensure a stable, flexible, affor-dable and sustainable access to LNG imports for the benefit of all.Jean AbiteboulPresidentDear Colleagues,Jean AbiteboulPresidentThe LNG industry in 2021GIIGNL Annual Report 2022 Edition - 3EditorialKey figures2021372.3 MTimported vs. 356.1 MT in 2020+4.5%g
22、rowth vs. 202044 importing markets19 exporting countries993 MTPA total regasification capacity*new LNG regasification terminals7462 MTPA total liquefaction capacity*of global LNG demand in Asiaof global LNG volumes supplied from the Pacific Basin73%39%* At the end of 20214 - GIIGNL Annual Report 202
23、2 EditionKey figures 2021ContentsKey Figures 4LNG trade in 2021 6Contracts signed in 2021 8Medium-term and long-term contracts in force in 2021 12LNG shipping 20LNG imports in 2021 36Liquefaction plants 44Regasification terminals 52Retail LNG in 2021 65World LNG Maps 66About GIIGNL 70136.3 MTimporte
24、d on a spot or short-term* basis or 36.6% of total trade36.6%*Quantities delivered under contracts of a duration of 4 years or lessGIIGNL Annual Report 2022 Edition - 5Key figures 2021LNG trade in 2021In 2021, global LNG imports reached 372.3 million tons (MT), increasing by 16.2 MT compared with th
25、e previous year. The post-lockdowns economic recovery and continued coal-to-gas switch resulted in a surge in LNG im-ports, although the annual growth rate (+4.5%) remained far from pre-pandemic levels. The recovery has been uneven across regions, with Asia recording the highest growth led by China
26、which overtook Japan as the worlds leading LNG importer while Europe struggled to attract LNG cargoes throughout most of the year.Croatia joined the rank of LNG importers. 44 markets imported LNG volumes, from 19 exporting countries. US LNG growth outpaces global LNG growthIn 2021, incremental LNG s
27、upply from the United States (+22.3 MT) accounted for more than the to-tal global incremental supply (+16.2 MT). Imports from the United States grew by 49.8%, thanks to the ramp-up of five large liquefaction projects commis-sioned in 2020 (Cameron LNG Trains 2 and 3, Corpus Christi LNG Train3, Freep
28、ort LNG Trains 2 and 3) as well as to the commissioning of Sabine Pass Train 6 in 2021. New supply was also added, but to a much lesser extent, by Egypt (+5.2 MT), Algeria (+1.2 MT), Malaysia (+1.1 MT) and Australia (+0.8 MT). Besides Sabine Pass Train 6, other supply additions in 2021 included Yama
29、l Train 4, PFLNG Dua in Malaysia and the restart of operations of Damietta in Egypt. The greatest declines in LNG exports were recorded by Nigeria (-4.1 MT) due to maintenance issues, Trinidad and Tobago (-3.9 MT) due to lack of feedgas and Norway (-2.9 MT) due to delays in the restart of operations
30、 at Snohvit after the technical incident which occurred in 2020. The Atlantic Basin and the Middle East experienced growth in 2021, adding +17.9 MT and +0.6 MT respectively. Similarly to 2020, the Pacific Basin continued to show a decline in LNG exports in 2021 (-2.3 MT). The Pacific Basin remains t
31、he largest source of LNG supplies to the global market with 143.9 MT or 38.6%, closely followed by the Atlantic Basin with 135.2 MT or a 36.3% market share, and the Middle East with 93.2 MT, a 25% market share. Supply from the Middle East increased from 92.6 MT to 93.2 MT, a +0.6% increase.As produc
32、tion from the US continues to increase, the gap between supply from the Pacific Basin and the At-lantic Basin has substantially narrowed from 28.8MT in 2020 to only 8.6 MT in 2021. Among LNG supplying countries, Australia and Qatar are still leading the pack, with 78.5 MT and 77 MT respectively. Thi
33、rd, the United States supplied 67 MT of LNG in 2021 and could become the worlds leading LNG supplier in 2022. The Russian Federation came fourth with 29.6 MT, followed by Malaysia with 25 MT. Australia, Qatar, and the United States accounted to-gether for 59.8% of global LNG supply.Asian demand grow
34、th exceeds global LNG supply growthAsia continues to be the leading importing region with a 73.2% share of global LNG imports, up from 71.4% in 2020. Asian LNG imports grew by 7.1% in 2021, reaching 272.5 MT. Imports rose in all Asian countries except India, Japan, Malaysia and Singapore. India expe
35、rienced the greatest decrease in LNG imports (-2.6MT or -9.8%) due to the high spot LNG prices and to the increase in domestic gas production, which led Indian gas consumers to import less LNG through the first three quarters of the year. This had a no-table impact in spot imports which recorded a s
36、teady decline from March 2021 onwards. China overtook Japan as first LNG importer globally. The country experienced the worlds highest growth rate in terms of imported volumes i.e. +10.4 MT or +15%, totaling 79.3 MT at year-end. Record imports were driven by the robust economic recovery as well as t
37、he growth in gas for power generation and coal to gas switching. In order to avoid the situation of win-ter 2020/2021, Chinese buyers procured LNG ahead of the winter season to comply with storage require-ments and anticipate high demand. LNG imports into Japan remained relatively stable, recording
38、a slight decline of 0.1 MT or -0.1%. The decline can be explained by the continuation of restrictions throughout most of 2021, which included restrictions on commercial activities, as well as a decrease in gas-fired power generation to the benefit of nuclear generation. 18% of global LNG volumes imp
39、orted from the US.+15% Increase in Chinese LNG imports, compared with + 12% in 2020.of US volumes delivered to Asia, 32% to Europe, 18% to Americas, 1% to the Middle East49%6 - GIIGNL Annual Report 2022 EditionLNG trade in 2021South Korea experienced a strong growth in LNG im-ports (+6.1 MT or +15%)
40、, notably due to a greater gas demand for the power sector and for industrial consumption. The demand growth was exacerbated by the cold weather and the recovery from the pan-demic. Maintenance in nuclear generation and the implementation of sustainable governmental policies which resulted in a decl
41、ine in coal consumption also contributed to gas demand growth. Other Asian countries have also seen important increases in their LNG consumption: in Taiwan, im-ports grew by 9.5% (+1.7 MT) due to an increase in gas-fired power generation following the planned outages of hydro, coal and nuclear plant
42、s. Other Asian countries which increased their LNG imports in 2021 are: Thailand (+0.9 MT), Bangladesh (+0.9 MT), Pakistan (+0.8 MT), and Indonesia (+0.6 MT), mostly due to the decline of domestic gas production and to post-Covid recovery.Europe in competition with Asia and Latin America Constrained
43、 by dwindling domestic gas production, high demand due to lower temperatures, along with lower than expected additional pipeline deliveries from Russia which brought storage levels to record lows, Europe suffered an unusual situation in 2021, when high JKM / TTF price differential made flexible LNG
44、volumes go preferably to Asia instead of Europe throughout most of the year. This situation worsened until the last quarter of 2021 and Europes difficulty to fill in its underground storages forced demand to adjust through a reduction in industrial consumption and gas-to-coal switching. Overall, Eur
45、opes net LNG imports decreased by 8% in 2021 totaling 75.1 MT, a decrease of 6.5 MT compared to 2020. The United Kingdom (-2.4 MT or -17.8%) and Italy (-2.2 MT or -24.1%) recorded the largest declines, whereas Croa-tia imported LNG for the first time (1.2 MT). Imports into the American region increa
46、sed by 36.3% (+4.8 MT), reaching 18 MT in 2021. Mexican imports recorded the largest drop-67.5% or -1.3 MT, as the country is continuing its trend towards becoming less reliant on LNG imports. Other countries in the Ameri-can region experiencing significant decreases include the United States with -
47、0.5 MT or -52.7% and Colombia with -0.3 MT or -85%. The draught experienced in Brazil highly dependent on hydropower generation and the inability to increase domestic production to meet demand, led to an increase in LNG imports following the start-ups of two LNG-to-power projects at Sergipe and Port
48、 of Au. Brazil recorded the highest increase in the region in both in terms of volumes and percentage (+4.6 MT or +193%), amounting to a total of 7 MT of LNG imported. The country became the leading importer in South America, followed by Chile (3.1 MT) and Argentina (2.5 MT). The latter experienced
49、a growth in LNG imports (+1.2 MT or 85%) due to reduced imports from Bolivia and lower domestic production. Other Caribbean islands like Puerto Rico (+0.6 MT or +62.8%) or the Dominican Republic (+0.3 MT or +26.1%), have also experienced large increases in LNG imports, due to an increase in the use
50、of natural gas for power generation, as an alternative to more polluting liquid fuels.In the Middle East, LNG imports slightly decreased compared to 2020 (-0.2 MT). Israel and the UAE experienced declines in their LNG imports, whereas Jordan did not import any cargo in 2021. Kuwait saw the greatest