Southeast Asia ramps up LNG import capacity
A report published on September 24 by US think tank Global Energy Monitor found that Southeast Asia's LNG import capacity has risen from 47mn tonnes per year in 2024 to about 70mn tpy currently, while the region is also developing over 100 GW of gas-fired power generation capacity. GEM data shows that development of 65mn tpy of LNG import capacity has been paused or cancelled. Vietnam's state-run PV Gas approached potential suppliers in September for a five-year contract covering 250,000-450,000 tpy of LNG, and the Philippines held talks with Malaysia's Petronas in mid-September as it seeks to reduce reliance on coal-fired generation.
Why it matters: The build-out indicates that energy security considerations continue to drive Southeast Asian import infrastructure even as spot prices and supply disruptions raise cost risks.