The average price of spot LNG imports to Japan contracted in January 2017 was $8.40/mn Btu, up from $8/mn Btu in December 2016, the ministry of economy, trade and industry (Meti) said February 9, their highest level for two years. But Japan's IEEJ says that prices have now peaked.

But Lee said that South Korean demand for LNG would keep falling in the short-term due to increased electricity output from nuclear and coal-fired power plants. The country is the world's second-biggest LNG importer after Japan.

India’s double-digit LNG import growth took a breather in the month of December, falling 2.9% on year, according to oil ministry’s Petroleum Planning and Analysis Cell.

The tanker is the first of a new class of icebreaking LNG carriers that will open an export route from Siberia to the Pacific — reducing Russia’s dependence on selling gas through pipelines to Europe.

Pakistan LNG Limited opened the financial bids for the supply of 240 shipments of LNG January 19. Gunvor has bagged a five-year contract to supply 60 shipments while Eni has been awarded a 15-year contract to supply 180 shipments.

Pakistan LNG Limited will open financial bids for the supply of 240 shipments of LNG on January 19, while contracts to successful bidders will be awarded on Jan 31.

India and Japan should co-operate on long term contracts for LNG with a defined cost of energy which would provide a stabilizing factor for the renewable energy thrust that India is currently giving, Indian minister for power, coal, new & renewable energy and mines, Piyush Goyal said January 11 on the side-lines of the seventh India-Japan Energy Forum in New Delhi.

The LNG market has grown strongly in the last few years. In 2008 the global export capacity was 270bn m³/yr while in 2016 it was around 400bn m³/yr (+150%). The International Energy Agency in 2011 predicted that by 2015 gobal trade would reach 450bn m³/yr. These higher expectations resulted mainly from the aftermath of the Fukushima accident and Asian growth more generally, notably China.

According to latest data published by oil ministry’s Petroleum Planning and Analysis Cell (PPAC), LNG imports in October were 2.26bn m³, up almost 18.6% compared with the same month last year. Cumulative imports too remain substantially higher. For the April-October period, India’s LNG imports were 14.9bn m³, up by 25% on year.

The annual volume of the global gas trade is expected to increase from around 1,000bn m3 currently to 1,650bn m3 by 2040; an absolute growth of 65%.