A maturing liquefied natural gas (LNG) industry marked with an anticipated rise in energy demand and recent changes in market dynamics highlights the need to maintain secure LNG supply, said RasGas Company Limited’s (RasGas) Marketing and Shipping Executive, Khalid Sultan R. Al Kuwari, at the CWC World LNG Summit, currently being held in Barcelona, Spain.
Delivering an opening keynote address titled, ‘LNG Supply Security for Evolving Markets’ on the inaugural day of the four-day summit, Al Kuwari provided an overview of the LNG market’s constant evolution and how shifting market dynamics will affect the LNG industry’s developments in the future.
In his speech, he said that whilst the industry saw over 60 million tonnes of LNG delivered under short-term contracts in 2011- double that of 2008 and quadruple that of 2004 – the market is evolving once again.
“The supply circumstances which have facilitated this short-term market growth are changing. RasGas has recently sold large additional volumes of LNG under long-term arrangements and with it the availability of short-term LNG from Qatar will inevitably decline in the coming years,” said al Kuwari.
“As the LNG market continues to mature and evolve, RasGas remains focused on providing secure supply that can meet the world’s changing demand,” he concluded.
The annual event brought together approximately 500 industry professionals from all over the world. This is RasGas’ eighth consecutive participation in the industry event for which it is also a gold sponsor.
[mappress] LNG World News Staff, November 28, 2012; Image: RasGas