Global trade in liquefied natural gas rose 6 per cent to 380 million tonnes in 2021 on the back of higher demand as economies recovered from the coronavirus-induced slowdown and countries focused on cutting emissions.
China, the world's second-largest economy, and South Korea led the growth in LNG demand in 2021. China surpassed Japan to become the world's largest importer amid a strong rebound from the pandemic, with its imports growing by 12 million tonnes to 79 million tonnes, according to Shell's latest annual LNG Outlook report.
“Last year showed just how crucial gas and LNG are in providing communities around the world with the energy they need as they strive to get back on track following the difficulties caused by the Covid-19 pandemic,” said Wael Sawan, director of integrated gas, renewables and energy solutions at Shell.
“As countries develop lower-carbon energy systems and pursue net-zero emissions goals, focusing on cleaner forms of gas and decarbonisation measures will help LNG to remain a reliable and flexible energy source for decades to come.”
LNG is natural gas that turns into a colourless and non-toxic liquid when cooled to about minus 162°C (minus 260°F). The cooling process shrinks the volume of the gas, making it easy to ship and store.
It can be used for cooking and heating, as a fuel for commercial vehicles, generating electricity, manufacturing products such as fertilisers, paints and medicines.
LNG prices remained volatile last year and surged to record levels in October amid higher demand and supply constraints. Natural gas was trading 1.02 per cent higher at $4.54 per million British thermal units at 10.06am on Wednesday.
Global demand for LNG, which can contribute to better air quality and lower green house gas emissions in the power sector, is projected to grow by up to 5 per cent annually over the next 20 years.
This makes LNG ideal for the transition to a low-carbon energy future, supporting a mix of fuels that are expected to help countries to balance energy demand with their clean energy goals.
A switch to ensure 10 per cent of heavy goods vehicles and 10 per cent of the shipping fleet run on the gas will help to cut emissions and is equal to taking 16.3 million cars off the road.
In 2021, Chinese LNG buyers pushed demand higher after they signed long-term contracts for more than 20 million tonnes, according to the report.
China, the world’s most populous country, is focusing on switching to gas for powering key sectors of the economy in place of high-polluting coal, to help it become carbon neutral by 2060.
“Overall, global LNG demand is expected to cross 700 million tonnes a year by 2040, a 90 per cent increase on 2021 demand,” said the Shell report.
“Asia is expected to consume the majority of this growth as domestic gas production declines, regional economies grow and LNG replaces higher-emission energy sources, helping to tackle concerns over air quality and to help progress towards carbon emissions targets.”
The US, the world’s largest economy, led export growth with an annual increase of 24 million tonnes last year. It is expected to become the world’s largest LNG exporter in 2022, the Shell report said.
Earlier this year, IHS Market also said the US is set to claim the top spot in the export of natural gas in 2022, after ending 2021 as the third-largest exporter behind Australia and Qatar.
“The volatility emphasises the need for a more strategic approach to secure reliable and flexible gas supply in future to avoid exposure to price spikes,” Shell said.
“An LNG supply-demand gap is forecast to emerge in the mid-2020s and focus attention on the need for more investment to increase supply and meet rising LNG demand, especially in Asia.”
Momentum is also building to decarbonise the LNG value chain, with carbon capture, use and storage projects planned on gasfields in Indonesia and Malaysia.
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
World Series
Game 1: Red Sox 8, Dodgers 4
Game 2: Red Sox 4, Dodgers 2
Game 3: Saturday (UAE)
* if needed
Game 4: Sunday
Game 5: Monday
Game 6: Wednesday
Game 7: Thursday
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
Walls
Louis Tomlinson
3 out of 5 stars
(Syco Music/Arista Records)
Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20WallyGPT%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2014%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3ESaeid%20and%20Sami%20Hejazi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%3Cbr%3E%3Cstrong%3EInvestment%20raised%3A%20%3C%2Fstrong%3E%247.1%20million%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2020%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%20round%3C%2Fp%3E%0A
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Kill%20
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In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
MATCH INFO
Who: France v Italy
When: Friday, 11pm (UAE)
TV: BeIN Sports
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
SPECS
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
More on animal trafficking
The five pillars of Islam
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
More on Yemen's civil war
If you go
The flights Etihad (www.etihad.com) and Spice Jet (www.spicejet.com) fly direct from Abu Dhabi and Dubai to Pune respectively from Dh1,000 return including taxes. Pune airport is 90 minutes away by road.
The hotels A stay at Atmantan Wellness Resort (www.atmantan.com) costs from Rs24,000 (Dh1,235) per night, including taxes, consultations, meals and a treatment package.
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
