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Asia-Pacific Is All Set For Import Record In 2020 –LPG Market

The global Liquefied Petroleum Gas Market size was valued at USD 117.46 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.6% from 2020 to 2027.

Major Players in the LPG Market consist of Chevron, Royal Dutch Shell, RIL BP, CNP, Valero, PDVSA, Philips 66, Sinopec and ExxonMobil.

   Bp - Oct 2020 announced the start of gas production from its latest development ‎offshore Egypt – the Qattameya gas field in the North Damietta offshore concession. Through bp’s joint venture, Pharaonic Petroleum Company (PhPC), the field, which is ‎expected to produce up to 50 million cubic feet of gas per day, has been developed ‎through a one-well subsea development and tie-back to existing infrastructure.‎ Further Bharat Petroleum Corp. Oct 2020 is seeking bids from global suppliers for a fifth of its typical LPG needs in 2021, according to a tender seen by Bloomberg. Bidding is still open to Middle East producers, which already provide BPCL with the majority of its contracted needs. India’s second-biggest fuel retailer made an attempt to broaden its sources of supply earlier this year but the tender wasn’t awarded due to a lack of attractive offers.

    Oct. 7, 2020 – Brightmark LLC and Chevron U.S.A. Inc. announced the formation of a joint venture, Brightmark RNG Holdings LLC, to own projects across the United States to produce and market dairy biomethane, a renewable natural gas (RNG). Equity investments by each company in the new venture will fund construction of infrastructure and commercial operation of dairy biomethane projects in multiple states. Chevron will purchase RNG produced from these projects and market the volumes for use in vehicles operating on compressed natural gas. Marathon Capital acted as exclusive financial advisor to Brightmark in establishing the partnership with Chevron.

    Nov 2020- CenterPoint Energy sprints to eight-month highs after announcing plans to sell one or two of its natural gas utilities to help fund $3B in planned investments in its electric utility operations. In today's earnings conference call, CEO David Lesar said the company decided to sell gas utilities as part of a business review that was completed in October, adding that the company will reveal details of its sale plans during a Dec. 7 investor day presentation, according to Bloomberg. KeyBanc analyst Sophie Karp upgrades shares to Sector Weight from Underweight based on the company's new strategy to focus on growth for its electric utilities. CenterPoint shares trade higher despite reporting  weaker than forecast Q3 GAAP earnings and revenues.

    Based on source, the market is further segmented into refineries, associated gas and non-associated gas. Based on application, the market is further segmented into commercial, chemical, industrial, auto fuel, refineries and other. Based on geography, the market is further segmented into Europe, North America, Asia Pacific and LAMEA.  Asia Pacific, liquefied petroleum gas demand from associated gas was 18.97 million tons in 2020. Non-associated sources accounted for a noteworthy revenue share and are projected to witness significant growth over the projected period. Asia will likely import record volumes of liquefied petroleum gas (LPG) in 2020 as firms snap up the fuel to make petrochemicals used in protective gear against the coronavirus while households under lockdown ramped up purchases for cooking. The region will buy some 67-69.5 million tonnes of the gas from abroad this year, surpassing last year's record, analysts from consultancy firms IHS Markit, FGE and    Wood Mackenzie said. That would represent a 1-3 per cent increase on 2019 import volumes. Europe held the largest volume share of 78.5% in 2019. In Europe, LPG demand in residential/commercial applications is expected to witness significant growth from 2020 to 2027.

 


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