Caspian Report - Issue: 08 - Fall 2014

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MATTEO VERDA 34 LNG MARKET: TRENDS AND OUTLOOK MATTEO VERDA SENIOR FELLOW, ISPI, ITALY
Over the past decade, the LNG market has steadily expanded: from approximately 210 billion cubic metres of natural gas in 2006 to 315 bcm in 2013. TRANSPORTING NATURAL GAS NOT ONLY PIPELINES Natural gas international markets are constantly growing. Despite the ongoing crisis, Europe is increasing its dependence on imports, while emerging economies in Asia face the daunting task of fuelling their economic growth. Traditionally, natural gas is imported via pipeline: a long chain of steel pipes, linking a producing region in one country to the domestic network of another one. This is the method of choice for transporting large quantities of gas at the regional level: it is technologically easy and economically competitive. As a consequence, it accounts for nearly three quarters of the international market. Pipeline transport entails two main limitations; the first is the dramatic increase in cost for long distances, especially when offshore sections are required. Over a few thousand kilometres, the feasibility of the pipeline is uncertain or indeed entirely precluded. Another limit is represented by the strong interdependence between exporter and importer that a pipeline entails: in the case of a problem upstream, the consumer cannot use the pipeline to import gas from other sources. The corollary of that is that if the importing market cannot absorb all the volumes exported by the pipeline, the exporting country is forced to reduce its production. Those limits also play a central role in explaining why natural gas markets never evolved into a fully global market. Liquefied natural gas (LNG) offers an alternative to piped gas whereby this evolution could be possible. In this process, gas is cooled to approximately −162 °C at atmospheric pressure, becoming a fluid which can be transported by special tankers. LNG trade requires special terminals for liquefaction and regasification processes. The infrastructure is very expensive; export terminals, notably, can easily cost over 10 billion dollars per unit. However, once online, those terminals can supply natural gas to virtually any regasification terminal in the world, creating the technological conditions for a global market. LNG IMPORTS: AN ASIAN BUSINESS Over the past decade, the LNG market has steadily expanded: from approximately 210 billion cubic metres of natural gas (bcm) in 2006 to 315 bcm in 2013. 1 Eastern Asia 35 CASPIAN REPORT, FALL <strong>2014</strong> 1. LNG trade figures are based on an average of the gross calorific values of the exporting countries. In this work, natural gas is standardised to a gross calorific value of 39 MJ/cm in standard condition. Unless otherwise stated, the source is Groupe International des Importateurs de Gaz Naturel Liquéfié (GIIGNL), The LNG Industry in 2013.
Page 1: CASPIAN PUBLISHED BY CASPIAN STRATE
Page 4 and 5: Dear Readers, CASPIAN REPORT 2 It i
Page 6 and 7: CASPIAN CASPIAN REPORT 4 06 FATIH M
Page 8 and 9: FATIH MACIT, HOLLY REHM 6 THE U.S.
Page 10 and 11: FATIH MACIT, HOLLY REHM 8 shale rev
Page 12 and 13: FATIH MACIT, HOLLY REHM 10 in the 1
Page 14 and 15: FATIH MACIT, HOLLY REHM 12 SINCE TH
Page 16 and 17: FATIH MACIT, HOLLY REHM 14 these tw
Page 18 and 19: FATIH MACIT, HOLLY REHM 16 LNG’s
Page 20 and 21: FATIH MACIT, HOLLY REHM 18 kets, pa
Page 22 and 23: MANFRED HAFNER 20 THE SOUTHERN GAS
Page 24 and 25: MANFRED HAFNER 22 THE DOCUMENT RECO
Page 26 and 27: MANFRED HAFNER 24 Notwithstanding t
Page 28 and 29: MANFRED HAFNER 26 TANAP, A PROJECTE
Page 30 and 31: MANFRED HAFNER 28 by the Shah Deniz
Page 32 and 33: MANFRED HAFNER 30 Snam Rete Gas has
Page 34 and 35: MANFRED HAFNER 32 THE ESTABLISHMENT
Page 38 and 39: MATTEO VERDA 36 traditionally accou
Page 40 and 41: MATTEO VERDA 38 bcm), Brunei (9 bcm
Page 42 and 43: MATTEO VERDA 40 for transport vesse
Page 44 and 45: MATTEO VERDA 42 of the global LNG m
Page 46 and 47: MUBARIZ HASANOV 44 AN OVERVIEW OF E
Page 48 and 49: MUBARIZ HASANOV 46 Figure 1. Primar
Page 50 and 51: MUBARIZ HASANOV 48 Figure 4. Real c
Page 52 and 53: Figure 7. Price of transport fuels
Page 54 and 55: Figure 10. Electricity generation i
Page 56 and 57: Figure 13. Breakdown of electricity
Page 58 and 59: THE SOUTHERN GAS CORRIDOR - WINDOW
Page 60 and 61: NINO KALANDADZE 58 become comprise
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Page 64 and 65: NINO KALANDADZE 62 Security policy.
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Page 68 and 69: NINO KALANDADZE 66 tion of Crimea b
Page 70 and 71: RADU DUDAU 68 THE UKRAINE CRISIS: L
Page 72 and 73: RADU DUDAU 70 RUSSIA HAS FREQUENTLY
Page 74 and 75: RADU DUDAU 72 Russia, which depends
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Page 80 and 81: RADU DUDAU 78 THE UKRAINIAN GOVERNM
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RADU DUDAU 84 (where Russia holds v
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RADU DUDAU 86 IN TERMS OF ENERGY, A
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WHY RUSSIA SIGNED A MAJOR GAS CONTR
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MESUT HAKKI CASIN 90 I will focus o
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Russian President Vladimir Putin sh
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Figure II: Russian energy infrastru
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Kazakhstan President Nursultan Naza
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MESUT HAKKI CASIN 98 economic devel
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Figure IV: China’s gas import sou
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THANOS DOKOS, THEODORE TSAKIRIS 102
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ARZU YORKAN 114 TURKEY’S RENEWABL
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ARZU YORKAN 116 is 12 th in the wor
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Figure 4: Solar Energy Potential At
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ARZU YORKAN 120 Figure 8: The share
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ARZU YORKAN 122 THE STRATEGY PAPER
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ARZU YORKAN 124 TURKEY HAS NOT YET
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CASPIAN
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THE EU AGREEMENT ON THE 2030 FRAMEW
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EU Commission President Jean Claude
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ROMAN RUKOMEDA 132 THE PHANTOM OF R
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Russia’s gas giant Gazprom CEO, A
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CASPIAN CALL FOR PAPERS 136 Caspian
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Caspian Report - Issue: 08 - Fall 2014

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