The future for natural gas and LNG is bright. Even in 2020, when energy demand dropped globally due to the pandemic, demand for LNG grew by 2% to reach 360 million metric tons (MMT). In five years, global LNG demand is expected to rise to around 420 MMT, and the US will become the top LNG-exporting nation.
“LNG improves energy security and can provide reliable, low-carbon electricity, generating necessary baseload power when combined with renewables. “said LNG President & CEO Fred Hutchison in an interview.
Hutchinson said while most LNG demand growth will be in Asia, he sees opportunities in Europe, particularly Turkey.
On the US-Turkish LNG Partnership, Hutchinson said that Turkey is an important market for US’ LNG exporters. Turkey has been the eighth-most significant market for the US and third-largest Europe since last year.
“LNG Allies and our companies have met regularly with Turkish government officials, regulators, and the Turkish energy industry to share our experiences and encourage closer collaboration. These relationships are strong and getting stronger,” he said.
He also expects demand for natural gas in Turkey to continue increasing, given Turkish economic growth and government efforts to address climate change and diversify energy sources. He also underlined that Turkish companies had appreciated US LNG’s flexibility, reliability, and price competitiveness, “so we anticipate Turkey to be a growth market for exports”.
He hopes to see Turkish companies sign long-term contracts with U.S. LNG suppliers to strengthen this relationship further.
Meanwhile, according to Sheila Hollis, Acting Executive Director of the United States Energy Association, energy is the core of everything in most countries, adding that it powers the infrastructure “where the dollars are”.
“We get energy from natural resources, but we can do it in a way that reduces out-of-control CO2 emissions, and we have to clean up. That is where we get energy; that’s where the hydro system is a sophisticated player in the energy world. “Hollis said.
She said:” Sharing Turkey’s wisdom, resources, and technologies will help to understand all the extreme complexities of politics and cultural differences. Turkey is a significant country with sophisticated, highly educated people who can deploy those intellectual gifts and knowledge further in energy development and make tremendous progress therein from a diplomatic standpoint.”
LNG Allies is the global brand name for The US LNG Association. LNG Allies is the only independent non-profit organization focused solely on advancing the interests of the US LNG industry.
