iea chief backs natural gas spot market in asia
Last Updated : GMT 15:30:33
Arab Today, arab today
Arab Today, arab today

IEA chief backs natural gas spot market in Asia

Arab Today, arab today

Arab Today, arab today IEA chief backs natural gas spot market in Asia

Singapore - AFP

Asia should set up a regional spot market for natural gas trading to reduce its high acquisition costs, the International Energy Agency (IEA) chief said on Monday. Pointing to Shanghai -- which established a domestic natural gas spot trading platform in July -- IEA executive director Maria van der Hoeven said the whole region needs a similar platform. \"I think it\'s of the utmost importance that in Asia there needs... to be developed a spot market for gas because it\'s not there at the moment,\" she said at an energy conference in Singapore. \"Japan imported LNG at $18 MMBtu ($18 per million British thermal units) this summer, compared to $3 MMBtu prices in the United States and $10 to $12 in Europe,\" she added. \"And this considerable price is raising questions, in Europe and Asia, about appropriate gas pricing.\" Van der Hoeven said a natural gas spot market would allow prices to be set \"depending on rate of supply and demand fundamentals\" without being influenced by other markets such as crude. An IEA report issued in June estimated that global natural gas consumption will rise 17 percent to 3.94 trillion cubic metres by 2017 from 2011, with Asia powering demand growth. \"Asia will be by far the fastest-growing region, driven primarily by China, which will emerge as the third largest gas user by 2013,\" the report said. The United States is currently the top consumer followed by Russia, according to the IEA. Despite Shanghai\'s head start in its natural gas spot trading market, Van der Hoeven said Singapore was \"in a good position\" to be the first to establish a similar platform that serves the region. \"Its key location, experience with oil trading, advanced institutional development, they are all major advantages,\" she said. \"Other hubs, particularly in China, may in the future provide the ability on a great scale, but Singapore\'s advanced progress is a milestone for Asian gas.\" Singapore is already a major Asian oil refining and trading hub. \"Maybe the volumes might be bigger in Shanghai, but there are a number of advantages here that would make it possible for Singapore to be first in the market,\" van der Hoeven said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

iea chief backs natural gas spot market in asia iea chief backs natural gas spot market in asia

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

iea chief backs natural gas spot market in asia iea chief backs natural gas spot market in asia

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Visit Jamaica for more than just sun

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today UN warns of conflict in Gaza

GMT 08:39 2017 Tuesday ,21 November

UN warns of conflict in Gaza
Arab Today, arab today Missouri problem mirrors woes

GMT 06:46 2017 Tuesday ,21 November

Missouri problem mirrors woes
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Fedra happy for “Between Two Worlds” success

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 00:54 2017 Monday ,20 November

Mideast in danger as London explores

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday