(Bloomberg) — Global consumption of liquefied natural gas is expected to continue rising as more countries switch to imports for the first time, said Peter Van Driel, chief financial officer of Adnoc Gas.
To tap into some of these new consumers, parent company Abu Dhabi National Oil Co. is currently building a new plant in Ruwais that will more than double the UAE’s LNG export capacity when it comes online in 2028. Oman and Qatar are also expanding their LNG production facilities.
“We see growth in the UAE economy, but when we look at LNG in particular, we see huge demand,” Van Driel said in an interview with Bloomberg Television on Monday. “There are many emerging markets that are really developing into LNG import markets,” he said, without naming any specific countries.
The UAE-based company expects global gas demand to grow by 14 percent over the next decade, according to the company’s second-quarter financial results. That’s more optimistic than other forecasts. The International Energy Agency, for example, expects consumption to peak as early as the end of this decade.
“When we made our decision to build Ruwais LNG, we were confident of three things: we were confident that we would have enough gas, we knew how much it would cost to build, and we had to know that we could sell all the LNG,” Van Driel said in a roundtable with reporters.
©2024 Bloomberg L.P.
