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The LNG industry GIIGNL ANNUAL REPORT 2018 78 MEMBER COMPANIES IN 26 COUNTRIES GIIGNL (International Group of LNG Importers) is the worldwide association of LNG importers. EUROPE 30 Founded in 1971, at the outset of the LNG industry, AMERICAS members ASIA its membership has grown to 78 companies worldwide, 11 37 members members comprising nearly all companies active in LNG imports or in the operation of LNG terminals. It is a non-profit organization and its resources only come from the membership fees. The association constitutes a forum for exchange of experience among its members, with a view to enhance safety, reliability and efficiency of LNG imports. GIIGNL members are coming from 26 countries headquartered in the main three regions: Americas, 11 members, Asia, 37, Europe, 30. Full Members Elengy S.A. Guangdong Dapeng LNG Company, Ltd. National Grid Grain LNG, Ltd. Southern LNG Company, L.L.C. Associate Members BOTAŞ Enagas Hazira LNG Private Ltd. Nippon Gas Co., Ltd. South Hook LNG Terminal Company, Ltd. EDF Trading Limited BP Global LNG Enel Trade SpA Hiroshima Gas Co., Ltd. N.V. Nederlandse Gasunie Sumitomo Corporation ENN LNG Trading Company Limited Centrica LNG Company ENGIE Höegh LNG Osaka Gas Co., Ltd. TEPCO Fuel & Power, Inc. Gazprom Marketing & Trading Limited Cheniere Energy, Inc. ENGIE Gas and LNG, LLC Hokkaido Gas Co., Ltd. Pakistan LNG Limited (PLL) The Chugoku Electric Power Co., Inc. GSPC LNG Limited Chubu Electric Power Co., Inc. Eni S.p.A. Iberdrola Generación España, S.A.U. Petronet LNG Limited The Kansai Electric Power Co., Inc. INPEX Corporation CNOOC Gas & Power Trading & Excelerate Energy L.P. Itochu Corporation PTT Public Company Limited Toho Gas Co., Ltd. Ørsted Marketing Ltd. Fluxys LNG SA JXTG Nippon Oil & Energy Corporation Ren Atlântico, SA Tohoku Electric Power Co., Inc. Polskie LNG S.A. CPC Corporation, Taiwan Freeport LNG Development, L.P. Korea Gas Corporation Saibu Gas Co., Ltd. Tokyo Gas Co., Ltd. PT Pertamina (Persero) DEPA Gail (India) Limited Kyushu Electric Power Co., Inc. Sempra LNG & Midstream Total S.A. Repsol Energy Canada, Ltd. Dominion Cove Point LNG Gas Natural Fenosa LNG Japan Corporation Shell Energy North America, L.P. Uniper Global Commodities SE Shikoku Electric Power Co., Inc. Dunkerque LNG SAS Gate Terminal B.V. Marubeni Corporation Shizuoka Gas Co., Ltd. Vopak LNG Holding B.V. Sonatrach Gas Marketing UK Limited Edison S.p.A. GNL Italia S.p.A. Mitsubishi Corporation Singapore LNG Corporation YPF S.A. EDP - Energias De Portugal SA GNL Quintero S.A. Mitsui & Co., Ltd. SK E&S Co., Ltd. THE LNG INDUSTRY CONTENTS IN 2017 Editorial 4 6 2 Key Figures 2017 LNG Trade in 2017 About GIIGNL Dear Colleagues, On the demand side, the LNG market is becoming However, given the recent slow-down in FIDs in the more diverse and more complex, with a total of 40 last two years and the significant demand growth Global LNG imports in 2017 recorded their highest countries now importing LNG. Despite competitive prospects, risks of a potential tightening of demand annual growth rate (+9.9%) since 2010, reaching LNG prices and notwithstanding the development and supply must not be minimized for the medium 289.8 MT. of FSRUs, only one country - Malta- started receiving term. Cost reduction – without compromising LNG last year, a sign that practical commercial and safety and reliability – and meeting the changing Despite several delayed start-ups, new liquefaction regulatory challenges still need to be overcome requirements of buyers and consumers will be key capacity continued to come online in various in order for new importers to develop LNG import for new projects to be developed. areas of the world ranging from the United States infrastructure. to Australia, Malaysia and Russia, leading to a Over the last 46 years, GIIGNL has been working 26.2 MTPA increase in LNG supply compared with Most of the demand growth occurred in Asia, where to disseminate technical and commercial best 2016. Meanwhile, expectations of an LNG surplus LNG imports grew by 19.6 MT. Mainly influenced practices and to develop safer LNG imports all over and of depressed prices have not materialized, as by energy policy orientation in China, Korea and the world. rising imports into China contributed substantially Taiwan, demand from North East Asian buyers to balancing the market. experienced a strong rebound which was not a Through our annual report and other publications, given at the beginning of the year. China overtook our Association remains committed to provide 8 9 14 Mirroring the 2016 situation, spot LNG prices South Korea as the world’s second largest importer, key insights into the market and to support the Contracts concluded Medium-term and LNG Shipping followed a seasonal profile last year, although the a direct consequence of the Chinese government’s development of a more efficient, more diverse and in 2017 long-term contracts increase in the last few weeks of 2017 was stronger efforts in the residential, commercial and industrial more sustainable LNG industry. than a year earlier because of much higher than sectors to restrict the penetration of coal in order to in force in 2017 expected Chinese demand and colder than normal reduce pollution in urban areas. Yours Sincerely, weather in North East Asia. Contract LNG prices also increased as a consequence of higher oil prices. Our industry seems to experience an acceleration Spot charter rates finished the year on a bullish of change and 2017 was indeed a year for pioneers: note, mainly driven by the demand for ships to first FLNG plant online, first LNG bunkering vessels transport US LNG. operating in Europe and first LNG exported from the Arctic region. As meaningful, the first large order The main additions to LNG supply came from of 9 LNG-fueled containerships indicated that new Australia and the United States, where production market sectors are ready to embrace LNG and paved from trains commissioned in 2016 continued to the way for the worldwide implementation of LNG Jean-Marie Dauger ramp-up and a total of 5 new liquefaction trains as a solution to reduce marine pollution. President - Gorgon Train 3, Wheatstone Train 1 in Australia, Sabine Pass Train 3 and Train 4 in the United States Driven by US LNG exports, the significant supply 2017 IMPORTS/ and Yamal LNG Train 1 in Russia – started-up in 2017. build-up on the horizon could further transform Malaysia’s Floating LNG Satu, the world’s first FLNG our industry and bring on new evolutions, EXPORTS MATRIX 24 project, also began producing during the year. including a rise in market liquidity and flexibility. Liquefaction tables New commercial instruments are implemented to 22 27 Liquefaction texts LNG Characteristics The current contracting and pricing environment is adapt to the new realities of the markets as some challenging for new supply developments: while traditional ones – such as destination restrictions two FIDs had been taken in 2016, only one project – tend to be progressively shelved. As aggregators – Coral FLNG, in Mozambique (+3.4 MTPA, the first and traders take a greater share of the market, the LNG project to be developed in East Africa) - was break-up of the traditional value chain is gathering sanctioned in 2017. pace. 28 32 36 Liquefaction and Regasification texts Regasification tables regasification maps About GIIGNL GIIGNL Offi cers GIIGNL is a non-profit association President and of 3 regional Vice- off er their commercial and technical registered under the French law Presidents to assist him. Each year, expertise to improve efficiency and GIIGNL Bureau of July 1, 1901. The Association is the Executive Committee convenes in safety across the midstream of the LNG PRESIDENT VP FOR THE AMERICAS VP FOR ASIA VP FOR EUROPE governed by an Executive Committee the Spring and the whole membership value chain. which is composed of 12 Members, who holds its General Assembly in the Fall. GIIGNL's day-to-day activities are are elected by the General Assembly for The Executive Committee steers coordinated by the General Delegate, 2-year terms. The Executive Committee two Standing Study Groups within in charge of the Central Offi ce located elects a Bureau composed of the which leaders from the LNG industry in Paris (Neuilly-sur-Seine). J.M.Dauger S.Hill M.Hirose E.Van Bruysel (SHELL) (TOKYO GAS) (ENI) GIIGNL Executive Committee AMERICAS 1 2 3 4 E.Bensaude A.Bacigalupo O.Simoes A.Collins (CHENIERE) (GNL QUINTERO) (SEMPRA LNG & (SHELL) ASIA MIDSTREAM) Brussels General Assembly hosted by Fluxys (October 2017) GIIGNL Central-Offi ce 1 2 3 4 1 Vincent Demoury C.Yoo H.Ozaki H.Nishimura T.Higo (KOGAS) (OSAKA GAS) (TEPCO FUEL & POWER) (TOKYO GAS) GENERAL DELEGATE EUROPE 2 Sibylle de Veyrac LNG ANALYST & COMMUNICATIONS OFFICER 3 Seung-Ha Hwang LNG ADVISOR 1 2 3 1 2 3 4 D.Tzortzis P.Chareyre A. Della Zoppa J.M.Egea (DEPA) (ENGIE) (ENI) (GAS NATURAL FENOSA) GIIGNL - Annual Report 2018 Edition GIIGNL - Annual Report 2018 Edition 2 3 289.8 MT 77.6 MT IMPORTED IMPORTED ON A SPOT OR A 9.9% INCREASE VS. 2016 OR SHORT TERM BASIS OR 27% OF TOTAL TRADE 72.9% 26.7% 45.3% of global LNG of global LNG of global LNG volumes supplied volumes supplied demand in Asia from Qatar from the Pacific Basin 1 5 Key figures 2017 NEW IMPORTING COUNTRY NEW LNG REGASIFICATION TERMINALS 850MTPA 365MTPA total regasification capacity total nameplate liquefaction capacity 40 19 IMPORTING COUNTRIES EXPORTING COUNTRIES LNG Trade 2017 LNG Trade in 2017 LNG TRADE IN 2017 In 2017, global LNG imports reached 289.8 million tons (MT), increasing by 26.2 MT or 9.9% compared to the previous year, MT the strongest growth rate since 2010.

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