The Asia-Pacific region is the largest importer of liquefied natural gas (LNG), comprising 53.6% of global supply in 2016. Japan is the world’s largest LNG importer (83.3MT imported in 2016), followed by South Korea (33.7MT in 2016).
Given the high volume of imports, it is highly likely that LNG-related disputes will arise because Asian gas markets are undergoing a similar transition to the one European gas markets went through over the past two decades, which triggered significant numbers of gas price reviews. There is therefore reason to believe that the European experience with gas price reviews may be repeated in Asia over the coming years.
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