LNG

Production companies seeking efficient and cost-effective methods of increasing their output are forecast to increase spending by almost 20 percent in 2023 to total $58 billion for additional oil and natural gas resources to satisfy global demand for energy such as LNG and pipeline gas and for necessary activities like petroleum refining and chemicals production to make products such as pharmaceuticals.

MISC Berhad, the Malaysian shipping line with 29 LNG carriers, said LNG spot rates rose to a peak in the third quarter after a lacklustre start for the year, fueled by higher Chinese imports as the company expected the spot market to remain good for profits.