GIIGNL-全球液化天然气行业年度报告2021（英文）-2021.5-68正式版.doc

The LNG industryGIIGNL Annual Report2021ProfileProfileGIIGNL is a non-profit organisation whose objective is to promote the development of activities related to LNG: purchasing, importing, processing, transportation, handling, re-gasification and its various uses.The Group constitutes a forum for exchange of information and experience among its 86 members in order to enhance the safety, reliability, efficiency and sustainability of LNG import activities and in particular, the operation of LNG import terminals.© GIIGNL - International Group of Liquefied Natural Gas ImportersAll data and maps provided in this publication are for information purposes and shall be treated as indicative only.Under no circumstances shall they be regarded as data or maps intended for commercial use. Reproduction of the contents of this publication in any manner whatsoever is prohibited without prior consent of the copyright owners.AcknowledgementsWe wish to thank all member companiesfor their contribution to the report and thefollowing international experts for theircomments and suggestions: Cybele Henriquez Cheniere Energy Najla Jamoussi Cheniere Energy Callum Bennett Clarksons Oliver Stavrinidis Clarksons Laurent Hamou Elengy Jacques Rottenberg Elengy María Ángeles de Vicente Enagás Paul-Emmanuel Decroës Engie Oliver Simpson Excelerate Energy Andy Flower Flower LNG Magnus Koren Höegh LNG Gavin Stevens MOL Mariana Ortiz Naturgy Energy Group Birthe van Vliet Shell Mayumi Ikeda Tokyo Gas Donna DeWick Total Xinyi Zhang TotalEditorialThe LNG industry in 2020Jean AbiteboulPresidentDear Colleagues,2020 can be characterized as a year of market volatility. In the face of such volatility, driven by the influence of the pandemic on energy demand in LNG importing countries, weather events, and logistics bottlenecks, the LNG industry has shown resilience and flexibility. Despite a reduction in global energy consumption due to lockdowns around the world, LNG trade grew by 0.4%, reaching 356.1 MT at the end of the year.In the first half of 2020, natural gas demand began to be impacted in many countries as Covid-19 spread and control measures were enacted. The slowdown of global LNG demand coupled with new supply coming onstream resulted in plummeting spot LNG prices and in convergence of the main regional price indices. In this context of reduced demand elasticity and of limited arbitrage opportunities, US liquefaction plants provided further flexibility to the LNG market and enabled a physical rebalancing thanks to the ability for off-takers to cancel LNG cargoes, a first in the industrys history and a sign that regional markets are becoming increasingly interdependent. On the importing side, Europe was able to absorb uncommitted volumes during the first half of the year, but reduced its imports during the second half of the year while LNG cargoes were increasingly directed to Asia to take advantage of rapidly escalating JKM prices. LNG demand in China and India recovered relatively quickly from the Covid impact. Increased competitiveness of LNG versus other fuels and compared to pipeline gas boosted spot LNG procurement in multiple regions.Towards the end of the year, the market recorded price spikes and record high spot shipping charter rates due to infrastructure bottlenecks and colder than usual weather. The market tightness and high spot LNG prices were a stark reminder that the industry should continue to invest in new capacity.Despite some challenges, the LNG industry witnessed growth in many new areas. Myanmar, which relied on LNG to fuel its growing need for power, joined the ranks of LNG importing countries last year. New regasification capacity continued to come online, with 8 new terminals commissioned in 2020 in Bahrain, Brazil (2), Croatia, India, Indonesia, Myanmar and Puerto Rico. New uses such as LNG-to-power and LNG as a marine fuel are gaining further traction driven by LNGs advantages: it is a proven technology, readily available, which offers better environmental perfor-mance than other fossil fuels and is cost competitive. 2020 was a year of milestones for the diversification of LNG uses with the start-up of the first LNG powership, the delivery and order of several bunkering vessels, the launch of the first LNG-fueled mega containerships and the largest LNG bunkering operation ever conducted.China, South Asia and South East Asia, where the majority of new receiving terminals under develop-ment are located, offer significant potential for LNG to help reduce emissions and improve air quality by displacing coal and other polluting fuels in a variety of sectors. Thanks to its flexibility, imported LNG can complement domestic gas production, replace deple-ting local supply sources and facilitate the introduc-tion of intermittent renewable energies. Substantialinvestment in infrastructure and access to low-cost supply will be vital in order for new demand to mate-rialize. It will drive the need for producers and sellers to minimize their capital and operating costs while developing innovative ways of financing in order to deliver competitively-priced LNG.Our industrys optimism also comes with great res-ponsibilities. Net zero targets have been announced by several countries including Japan, South Korea and China, the three largest LNG importers. Methane emissions could increasingly influence future interna-tional trade discussions, in particular with the Euro-pean Union. Fortunately, greenhouse gas emissions associated with the LNG supply chain can be closely monitored and mitigated thanks to the natural gas in-dustrys experience combined with the development of new technologies. As is the case in other sectors, the LNG industry is actively deploying solutions to minimize its carbon footprint, including efforts to avoid, reduce and offset greenhouse gas emissions. Alternative technologies such as electric motors driving the liquefaction process, carbon capture and sequestration, bio-LNG and production of hydrogen from natural gas are allowing to enhance the sustai-nability of the LNG supply chain.In this context, LNG is poised to provide a growing share of the worlds energy supplies, and contribute to an affordable and cleaner economic recovery as well as to a responsible energy transition.Jean AbiteboulPresidentGIIGNL Annual Report 2021 Edition - 3Key figures 2020Key figures 2020356.1 MT+0.4%imported vs. 354.7 MT in 2019growth vs. 20192043exportingimportingcountriescountriesof global LNG71%demand in Asiaof global LNG volumes41%supplied from the Pacific Basin8 new LNGregasificationterminals947 MTPAtotal regasification capacity454 MTPAtotal liquefaction capacity4 - GIIGNL Annual Report 2021 EditionKey figures 2020142.5 MTimported on a spot or short-term basisor 40% of total trade40%ContentsKey Figures4LNG trade in 20206Contracts signed in 20208Medium-term and long-term contracts in force in 202010LNG shipping18LNG imports in 202030Liquefaction plants38Regasification terminals44World LNG Maps58Retail LNG in 202062About GIIGNL63GIIGNL Annual Report 2021 Edition - 5LNG trade in 2020LNG trade in 2020In 2020, global LNG imports reached 356.1 million tons (MT), increa-sing by 1.4 MT or 0.4% compared with the previous year. Despite the challenges imposed by the pan-demic, LNG trade has proven re-silient, increasingly diverse and global. Trade continued to grow strongly in the first quarter of 2020 but as demand weakened in the second and third quarters, supply-side adjustments helped balance the market. In the fourth quarter a strengthening of de-mand and unplanned liquefac-tion outages resulted in a tighte-ning of the market.Myanmar joined the ranks of im-porting countries. 42* countries imported LNG volumes, from 20 exporting countries.US LNG underpins supply growth and adds flexibility to the marketIn 2020, the United States accounted for most of the new supply volumes (+11 MT) due to the ramp up of projects commissioned in 2019 as well as the com-missioning of 5 large-scale liquefaction trains in 2020 (i.e., Cameron LNG trains 2 and 3, Corpus Christi LNG train 3, Freeport LNG trains 2 and 3). New supply was also added by Australia (+2.4 MT) and the Russian Federation (+0.3 MT). Unlike previous years, 2020 was characterized by a deceleration of new LNG supply coming on stream. Almost all exporting countries experienced decreases in their exports, with the greatest declines in Trinidad & Tobago and Malaysia (-2.4 MT each), followed by Egypt (-2.1 MT).The Atlantic Basin is the only region which expe-rienced growth in 2020 (+3.2 MT), while the Pacific Basin and the Middle East recorded declines of 0.5 MT and 1.3 MT respectively. The Pacific Basin remains the largest source of LNG supplies to the global mar-ket with 146.2 MT or 41% of the total global market, followed by the Atlantic Basin with 117.4 MT or a 33% market share and the Middle East with 92.6 MT, a 26% market share.As production from the US continues to increase, the gap between supply from the Pacific Basin and the Atlantic Basin has narrowed, from 33 MT in 2019 to 28.8 MT in 2020, whereas the gap between the Pacific Basin and the Middle East has slightly widened.Among LNG supplying countries, Australia and Qatar lead the pack, with 77.8 MT and 77.1 MT respectively. This is the first time that Australia has taken over Qatar as leading exporter on an annual basis. Behind these two, the hierarchy of supplying countries remains unchanged, the United States being third with 44.8 MT, followed by the Russian Federation with 29.6 MT, and Malaysia with 23.9 MT.Asia drives global demand growthAsia continues to be the leading importing region with a 71% share of global LNG imports, up from 69% in 2019. Asian LNG imports grew by 3.4% in 2020, reaching 254.4 MT. Imports rose in all Asian countries except Japan, Pakistan, Indonesia, Malaysia and Singapore. Japan experienced the greatest decrease in LNG imports (-2.4 MT) which represented a fall of 3.2%. This happened notably due to lower LNG imports during the second quarter of 2020 following the lockdown measures which were implemented wit-hin the country and their downward impact on elec-tricity consumption. However, LNG imports showed a progressive recovery from June onwards with a spike in December 2020 due to the exceptionally cold weather. Despite this, Japan remains the leading LNG importing country in the world with 74.4 MT or a 20.9% market share. South Korea experienced a moderate growth in LNG imports (+0.7 MT), which were up du-ring the first quarter due to temporary closures of coal plants mandated by the government, and during the last quarter due to the economic recovery and below average temperatures at the start of the winter season. During the summer, mild weather and the decrease in demand for manufacturing which followed the pan-demic resulted in lower than usual imports.China experienced the greatest growth in terms of imported volumes (+7.2 MT or +11.7%), which is below its 2019 growth of 14%. The main surge of LNG imports took place during the second quarter of 2020, when LNG imports were favored over pipeline imports, as a consequence of lower spot LNG prices. China remains the second largest LNG importer glo-bally, with 68.9 MT or a 19.3% market share - up by almost 2% from its 2019 market share (17.4%).43%of US volumes delivered to Asia, 41% to Europe, 13% to Americas.40%of volumes imported ona spot or short-term basis.+12%Increase in ChineseLNG imports, comparedwith +14% in 2019.* Egypt and Russia did not import any cargoes. Due to its specific status, Gibraltar is not included in the list of importing countries.6 - GIIGNL Annual Report 2021 EditionLNG trade in 2020Other Asian countries have also seen important in-creases in their LNG consumption: in India, imports grew by 11% (+ 2.7 MT) in response to a higher demand driven by lower spot LNG prices. Stronger LNG imports were also underpinned by the start of operations of the Mundra LNG terminal and in-creased utilization rate of the Kochi LNG termi-nal. Imports also increased by 1.1 MT in Taiwan (+6.6%), 0.6 MT in Thailand (+12.2%), 0.1 MT in Bangladesh (+2.5%) and 0.2 MT in Myanmar, which joined the rank of LNG importers in May 2020.2020 was a year of two halves for Europes LNG imports. During the first half, the region acted as a market of last resort. During the second half, Europe recorded a decrease in LNG imports compared to the previous year due to a decrease in demand for natu-ral gas because of lockdowns, while storages filled up and US cargoes were cancelled. Overall, net LNG imports decreased by -5% compared to 2019, totaling 81.6 MT, a decrease of 4.3 MT. France (-2.5 MT or -16.1%) and Belgium (-1.9 MT or -36.9%) showed the most significant declines, whereas Turkey recorded the most important increase (+1.35 MT or 14.4%). The three leading LNG importers in Europe remain Spain (15.4 MT), followed by the United Kingdom (13.4 MT), which overtook France, now the third largest importing country in the region (13.1 MT).As the region was severely affected by the Covid pandemic, Europe continued to meet natural gas demand by importing significant LNG volumes thanks to its well connected gas markets and its ability to in-ject gas in underground gas storage.Imports into the American region decreased by 16% (-2.6 MT) to 13.2 MT in 2020, down from 15.8 MT in2019. Mexican imports decreased by 61.5% (-3 MT), as the country is now less reliant on LNG imports fol-lowing the start of operations of new pipelines that connect the country with US natural gas supply. Chile (2.7 MT or +9.8%) is now the leading importer in South America, followed by Brazil (2.4 MT or +3.2%). Jamaica experienced the greatest increase in the growth of LNG imports (+160%), due to an increased use of natural gas for power generation, followed