Singapore secured sufficient LNG to last until year-end
Singapore has secured enough LNG from outside the Middle East to last through the end of this year, as state-owned buyer GasCo accelerated spot purchases to replace cargoes affected by disruptions around the Strait of Hormuz. Negotiations are underway for long-term offtake from the US, Australia and Canada.
Taiwan’s CPC plans to triple US LNG imports
Taiwan’s state-run CPC Corporation plans to increase US LNG imports to 30-33% of its total supply in 2026, more than triple the 10% recorded last year. The move is part of a bilateral trade agreement, requiring Taipei to reduce the island nation’s $111 billion trade surplus with the United States.
Greece signs $15bn LNG supply contract with Venture Global
Greece has signed its first long-term LNG supply contract, agreeing to purchase at least 700 million cubic meters annually from Venture Global for the next 20 years. The LNG will be procured by a Greek partnership between AKTOR and DEPA Commercial, with an option to expand the annual offtake to 2 billion cubic meters.
JERA prefers over-contracting on term LNG to spot purchase
JERA Global CEO Yukio Kani has highlighted volatility of future LNG demand as the company’s greatest risk. “The worst-case scenario is we underestimate future demand, run short on term supply and have to go to the spot market to buy additional cargoes as this undermines fuel economics,” he said at Gastech today.
Iraq in talks with Excelerate on buying US LNG
Iraq is nearing completion on its first ever LNG purchase agreement, as the country struggles to meet growing electricity demand amid recurring power outages. Excelerate Energy is one of the leading bidders in a competitive tender and currently in advanced talks with Iraq’s state-run South Gas Company.
Electricity tender increases upside risk to LNG-burn in India
Though India has not yet mandated the dispatch of gas peaking power stations, analysts see upside risk to LNG-burn following a government tender to purchase 1.8 Gigawatt of gas-fuelled generation between April and October. Torrent Power was awarded 1.35 GW, with Kashipur Gama and Kondapalli Lanco taking the rest of the tendered capacity.
Energy Aspects understands the three power producers will receive a fuel price linked to the CME west India LNG prices.
“This power tender alone translates to LNG demand of 0.12 million tons per month over the second quarter of 2025, assuming a 50% load factor and 50% thermal efficiency,” analysts explained, stressing:
“This demand will be price insensitive, as LNG is effectively subsidised by the government.”
Early heatwaves have propelled up electricity demand in India to record levels. The average load factor in March reached 211.3 GW, the highest level ever recorded and a 12.4 GW rise year-on-year. The amount of cooling degree days was 9% above the 10-year norm, but analysts anticipate Indian CCDs will be a staggering 19% above the 10-year average over the next two weeks.
Should this prolonged heatwave materialise, India’s power load jump to new record highs averaging 227 GW over the second quarter, up by 8 GW compared to Q2-23.
Though the LNG tenders are bound to increase gas-burn, coal and solar generation will continue to meet most incremental power demand. In March, coal and solar generation increased by 8.2 GW y/y and 4.9 GW y/y, respectively, while gas generation dropped by 1.3 GW y/y due to peaking power demand.
Upholding a bullish view, analysts said: “We see some upside risks to our Indian LNG demand forecast if the government mandates gas fired plants to run to prevent load shedding and ensure an uninterrupted power supply.”
