Poorer Nations Snap Up Cheap LNG in Economic Boost
- Vietnam, Philippines recently bought their first LNG shipments
- Higher gas use is cutting demand for more polluting fuels
An LNG tanker in Futtsu, Chiba Prefecture, Japan.
Photographer: Kiyoshi Ota/BloombergThis article is for subscribers only.
Countries from Asia to Latin America are snapping up natural gas cargoes as prices slump, helping replace more polluting fuels while easing cost pressures on the economy.
Liquefied natural gas rates have dipped below fuel oil, encouraging its use in power generation. From Thailand and Bangladesh to Colombia, emerging markets were the biggest buyers in the spot market for a second straight quarter earlier this year, according to BloombergNEF. Vietnam and the Philippines recently bought their first ever LNG shipments.