LNG

ADNOC Gas has signed a 10-year LNG sales and purchase agreement with India’s Hindustan Petroleum Corporation Ltd (HPCL) – valued at between $2.5 billion and $3 billion – to export 0.5 mtpa of LNG from ADNOC’s Das Island terminal.

India’s state-owned oil and gas importer, Petronet, has commissioned the Dahej terminal’s latest expansion project. With the expansion, Dahej’s total capacity will rise to 22.5 mtpa from 17.5 mtpa, the company said in a regulatory filing in early April.

Market Summary: Taiwan, India, Thailand and Bangladesh collectively imported 9.76mmt of LNG during February to March 2026, receiving 154 cargoes from a combined 16 supplier countries. Qatar was the leading supplier across this group with a 28 percent share of combined volumes, followed by Australia (19 percent) and Oman (11 percent). The combined Herfindahl-Hirschman Index for the group stood at 1,466, still in the ‘diversified’ range, reflecting the breadth of supply sources reaching this bloc.

While China is by far the largest single destination for Middle East oil and LNG shipments, it may well be better positioned than its Asian neighbours to weather short-term price shocks.

China’s huge reliance on energy imports from the Middle East and its position as one of Iran’s few remaining international partners makes its response to the crisis especially consequential, said the Washington (DC) based Center for Strategic and International Studies (CSIS) in a paper*.

Chinese-flagged ships have been using their identity to transit the Strait of Hormuz on March 1-8, Lloyd’s List Intelligence data shows. Notably, none of the six vessels were oil or LNG tankers.

Market Summary: China imported 7.07mmt of LNG during February to March 2026, receiving 113 cargoes from 10 supplier countries. Qatar was the leading supplier with a 33 percent share, followed by Australia (31 percent) and Malaysia (12 percent).

Japan’s industry minister Ryosei Akazawa has urged Australia, the country’s largest LNG supplier, to ramp up output as the Middle East turmoil disrupt regional shipments and unravels trade flows.

TEPCO has been rushing to restart of Unit 6 Japan’s largest nuclear power station to displace LNG-fuelled power at a time of escalating gas prices. With 1,356 MW installed capacity, Kashiwazaki-Kariwa Unit 6, is could help avoid combustion of 1.3 million tons of imported LNG, based on Japanese government estimates of fuel substitution.

Japan’s second largest oil refiner Idemitsu Kosan has announced a $500 million investment in MidOcean Energy in a bid to enter the global LNG business. Idemitsu’s equity raise in MidOcean forms part of a $1.2 billion equity raise, with funds targeted at expanding LNG projects in Australia, Canada, South America.