Number of LNG importing countries rise to 42 in 2018

By Murat Temizer

ANKARA (AA) - The number of LNG importing countries rose to 42 in 2018, with Panama, Gibraltar and Bangladesh turning to LNG imports for the first time, according to Shell's latest annual LNG Outlook on Monday.

The report showed that LNG will continue to be the fastest-growing gas supply source, with an expected compound annual growth rate of 4 percent a year between 2019 and 2035.

The company forecasts growth in LNG demand will continue around the world, led by Asia and Europe.

China, India and other major importers are putting policies in place that drive preference for gas over coal.

According to Shell, LNG provides flexible supply to meet the seasonal and short-term demand requirements of an importer, providing greater security of supply.

"It is also a reliable partner for renewables because it can quickly compensate for dips in solar or wind power supply and rapidly respond to sudden increases in demand," it said.

Shell noted that projections to 2035 estimate that more than 70 percent of energy demand growth will be met by gas and renewables combined, with gas supplying more than 40 percent of the additional demand.