The Energy Ministry aims to make Thailand a regional trading hub for liquefied natural gas and liquefied petroleum gas through the “Optimising LNG AND LPG Trade in Asia 2019” Forum, focusing on business linkages between Thai and international entrepreneurs.
Representatives of producers, traders and shippers from over 15 countries are gathering at the St Regis Hotel in Bangkok from February 27 to March 1 at Map Ta Phut LNG Terminal of PTT LNG Co Ltd for the conference that is endorsed and supported by the ministry.
Amid increasing demand for energy and the slowing production of natural gas in the region, the ministry’s support for the event is seen as timely in order to supporting the Gas Plan 2015 and reduce LNG, LPG and operation costs in Thailand. LNG and LPG shipping is one of the most efficient means of transporting gas from producing regions to demand centres in Asia but require strategic planning of infrastructure and shipping years ahead of schedule.
Asia is the largest consumer of energy in the world, accounting for 42.5 per cent of the world’s consumption of energy, and is the world’s second fastest-growing energy consumer. However, natural gas accounts for only 11.5 per cent of Asia’s energy consumption and given the global concerns on emissions and air pollution, is rapidly gaining popularity and has many opportunities for growth.
Thailand’s demand for natural gas and LPG has been growing at 3.6 per cent and 4.1 per cent respectively while simultaneously, production has been falling by 2.7 per cent.
In 2017, Thailand imported over 13.4 million cubic metres of natural gas and that figure is forecast to increase by 10 per cent annually. Imports will cover 71 per cent of Thailand’s natural gas demand and 19.5 per cent of LPG demand by 2036. This would require increasing LNG and LPG trading to meet the country’s energy needs.
Thailand’s 4.0 energy outlook and policies will take centre-stage as the Kingdom angles to become a regional energy hub.
Thailand, as an early adopter of gas for transportation will also set the example for neighbouring countries as a leader in LPG utilisation, sharing its knowledge and experience with Myanmar, Vietnam and Cambodia.