LNG

Vietnam’s T&T Group is tackling legal hurdles to get the Hai Lang LNG-to-power project built and commissioned by mid-2029. With revised capital costs of more than $2.3 billion, the integrated LNG regas and power gen project can count on backing from the Korean trio Hanwha Energy, KOGAS and KOSPO.

ExxonMobil has been authorised to develop a $5.09 billion LNG terminal and adjacent gas-fuelled power plant in the Vietnamese port city of Hai Phong. The LNG import terminal is approved with a capacity of 6 mtpa, enough to fuel 2.25 GW of power generation capacity that is scheduled to start operations by 2026/27.

Construction works are fast advancing for the 1,500 MW Thai Binh LNG-fuelled power plant in Vietnam, due completed by the fourth quarter of 2029. Built at an estimated cost of $2.69 million, the plant is meant to generate between 6 and 10 billion kWh of electricity per year.

There were 2.50mmt of LNG on the water with destinations in China according to our market visibility at the time of writing on 12 November. These cargoes had an estimated delivery horizon of 15 January 2026. Six cargoes totalling 0.39mmt were broadly headed for China but still had to declare their destination terminals.

LNG Demand: 

Chinese buyers continued exercising caution towards US-sourced LNG throughout the report period as trade relations between Washington and Beijing remained sensitive despite the easing of earlier tariff escalations. The temporary demand growth observed during July and August proved short-lived, with Chinese LNG offtakes contracting again in September and October as structural headwinds reasserted themselves. According to our data, China's monthly LNG offtakes stood at 5.51mmt in September and declined further to 5.28mmt in October, bringing total imports for the September-October 2025 report period to 10.79mmt. This represented a decrease of 1.29mmt (-11 percent) from the 12.08mmt imported during July and August, marking a reversal of the growth trajectory that had emerged in mid-year. China's annualised LNG import capacity utilisation during September-October stood at 43 percent, down from higher levels earlier in the summer.

Click to Download

In the first 10 months of this year, US liquefied gas producers signed sales and purchase agreements (SPAs) totalling 29.5 mill tonnes of LNG per year.

Asian spot LNG prices were reported flat last week, as ample supplies and soft demand kept a lid on gains.

In its bid to become the US’ largest LNG producing company, Venture Global (VG) has signed three more long term sales and purchase agreements (SPA) recently, the latest being with Japanese trading house, Mitsui & Co.

Pakistan has cancelled 21 LNG cargoes originally ordered under a long-term contract with Italy’s energy company, Eni.