Eni S.p.A. to award USD2.5 billion Coral FLNG Project to Samsung Heavy Industries
South Korea: According to the shipping
industry sources, Samsung Heavy Industries (SHI) got the green signal to build
a floating LNG (FLNG) vessel abroad worth US$2.5 billion for Italian energy
company ENI. For this project, the company along with France-based Technip and
Japan-based JGC have formed a consortium to lead the project. The deal is
expected to be finalized by the end of the year.
TechSci Research depicts that growing
focus on expansion of gas pipeline infrastructure, rising demand for natural
gas from downstream sectors, declining LNG prices coupled with implementation
of favorable government policies is boosting demand for LNG across the globe.
Increasing focus on development of adequate support infrastructure in various
developing as well as developed economies is expected to boost LNG demand in
the coming years.
According
to a released report of TechSci
Research, “Global LNG Market Demand & Supply Analysis, By Region, By Country, By LNG
Terminal, Competition Forecast and Opportunities, 2011-2025”, global LNG
supply market is forecast to exhibit a CAGR of over 5% during 2016-2025, on
account of rising demand for cleaner fuels; oversupply of LNG due to
liquefaction capacity additions in Australia, US and Papua New Guinea; and
declining prices of LNG over the last few years. In 2015, global LNG export
market was dominated by Qatar and Australia, due to huge natural gas reserves
and large liquefication capacities in these countries. Increase in spot market
purchase is expected to keep LNG prices under check in Asia-Pacific and Europe.