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Global LNG demand will grow rapidly by 2030
According to Shell's first liquefied natural gas (LNG) market outlook report, global natural gas demand is expected to grow at an average annual rate of 2% during 2015~2030, of which LNG demand will grow at an average annual rate of 4%~5%.
Global LNG demand reached 265 million tons in 2016, and the global LNG market is expected to grow by 50% during 2014~2020, mainly due to LNG production facilities
already under construction or recently built.
Most market analysts had expected strong global LNG supply growth to outpace demand growth in 2016, but this was not the case, with Shell pointing out that demand growth kept pace
with supply growth as stronger-than-expected demand in Asia and the Middle East absorbed new supply from Australia.
Japan may introduce new refining regulations
Japan's Ministry of Economy, Trade and Industry (METI) said it would consider introducing new refinery regulations to improve residue cracking capacity utilization at Japanese refineries, which would be METI's third round of refining regulation adjustments for Japanese refiners
.
Hidemasa Nishiyama, director of METI's petroleum refining and reserves division, said: "It is very likely that we will decide to introduce a new round of refining regulations
.
While recognizing that Japanese refiners have complied with METI's first and second rounds of refining regulations, Nishiyama said: "Japanese refiners' residue crackers are still underutilized
.
" METI said that as part of the policy direction of the next round of refining regulations, METI will consider requiring refiners to further improve the utilization level
of residue crackers by increasing the operating rate of residue crackers, promoting collaboration within refineries and increasing capacity.
U.
S.
chemical giants have jointly asked the Trump administration to reduce regulation
Executives from some of America's chemical giants have signed a petition calling on the Trump administration to reduce unnecessary regulations
.
Mark J.
Costa, CEO of Eastman Chemical Company, said, "Many of the existing regulations have directly negatively impacted U.
S.
economic growth
.
Also participating in the signature was David Lee, chief executive of Dow Chemical Company
, who led the Trump administration's manufacturing panel.
The industry wants the new US administration to reorganize environmental protection, health care, corporate governance, labor, taxation, Internet and export policies, and eliminate unnecessary regulations
.
At the end of January, Trump signed an executive order requiring the federal government to cut two existing rules for each new rule to ease government interference
in society, especially in business.
ASEAN is still far from achieving free trade in lubricants
While the Association of Southeast Asian Nations will eliminate intraregional tariffs by 2018, analysts say non-tariff measures by ASEAN members will continue to hamper lubricant trade in
the region.
In 2015, the ASEAN Economic Community began a phased implementation of a tariff reduction plan, with the goal of achieving zero tariffs
on all trade between its 10 member countries by 2018.
Import tariffs among ASEAN member states have been reduced from 8.
9 percent in 2000 to 4.
5 percent
in 2015.
Manu Bhaskaran, promoter of Singapore-based Centennial Asia Advisors, said the impact of the policy of removing tariffs among ASEAN members has been minimized because ASEAN members have introduced a large number of non-tariff measures since 2000, mainly technical barriers, including imports must pass testing, inspection or certification to meet the technological needs of importing countries
.
