COMMODITY MARKET REPORT

DECEMBER 2021

Global LNG regas project

tracker H2 2021
Global LNG regas project tracker H2 2021

Executive summary
Regas capacity has grown by 40.8 mmtpa in 2021, the largest growth in global capacity in ten years. It has also been a bumper
year for FIDs, with 15 new terminals sanctioned, totalling over 50 mmtpa. China has led with six terminals totalling 18 mmtpa,
taking FID, with Brazil and the Philippines also sanctioning multiple terminals. A further 11 mmtpa was sanctioned for
expansions to existing terminals.

Growth in capacity in 2021 has been split between new and existing terminals. Seven new terminals became operational,
adding 23.4 mmtpa and a further 17.4 mmtpa was added from expansions to existing terminals. Growth of 40.8 mmtpa, is the
highest annual growth in global regas capacity since 2011, but was lower than we forecast in our H1 tracker. This was partly
due to construction delays at numerous terminals due to the continued effects of the pandemic. Terminals affected by delays
included the Energia del Pacifico terminal, in El Salvador, Hong Kong Offshore LNG and Jiaxing LNG, both in China, and
Jafrabad FSRU, in India. In addition, four terminals were completed but are not yet operational due to insufficient demand and
high current spot prices.

Expansions to existing terminals have mainly been in China, where five terminals were expanded in 2021, adding 14 mmtpa.
Four of the expanded terminals are owned by the Chinese major players, taking the amount of capacity owned by the NOCs to
over 80% of the total operational regas capacity in China.

However in terms of new FIDs in China, the sponsors of regas capacity have changed. Five emerging buyers have started
construction on five terminals, as they seek direct access to the global LNG market. This follows infrastructure unbundling
reforms last year and highlights the change in corporate landscape. Of the 50 mmtpa of regas capacity under construction, only
24% is owned by the major Chinese players- CNOOC, Sinopec, PetroChina and PipeChina- compared to over 80% of the
existing capacity owned by the four NOCs. The capacity sanctioned in 2021 is likely to come online from 2024/2025 supporting
LNG demand growth in China.

Four new terminals have been sanctioned in Brazil, totalling 12.8 mmtpa. After its acquisition of Hygo Energy Transition, New
Fortress Energy (NFE) sanctioned capacity at three terminals, while Compass took FID on its Santos TRSP project. The
sanctioned terminals have been anchored by baseload customers in the power and industrial sectors. Significant revenue could
also be generated from targeting off grid customers in the industrial and transportation sectors who are looking to convert from
fuel oil to gas.

Themes around LNG to power and market liberalisation also continues to support new developments in Asia. In the Philippines,
three different companies took FID on terminals targeting the power sector, representing 10 mmtpa of new capacity. While in
South Korea and Taiwan, terminals have been proposed by emerging buyers as they look to enter the markets, which are
currently solely controlled by KOGAS and CPC, respectively.

Regas capacity coming online is expected to be higher in 2022 than in 2021, with 57 mmtpa of new capacity forecast to become
operational. This includes a further 10.7 mmtpa added to Al-Zour LNG, 10.5 mmtpa of new capacity in China, and 9 mmtpa of
capacity in Brazil. We also believe seven projects with a combined capacity of 23.2 mmtpa have a good chance of taking FID.
These projects are located in Europe, Africa, Australia, Vietnam and Taiwan.

In Europe, investment is continuing to favour capacity expansions over new projects. 17.8 mmtpa of regas capacity will be
added to eight existing terminals by 2025. In 2021, the Zeebrugge terminal, in Belgium, and the Sines terminal, in Portugal,
approved expansions, following on from Grain LNG and South Hook terminal, both in the UK, which took FID in 2020. In
comparison, there are three sanctioned new terminals in Europe, totalling 3.1 mmtpa.

Wood Mackenzie’s Regas Tracker identifies new and under construction regas terminals, expansions at existing regas terminals
and benchmarks development at pre-FID projects against a number of milestones. The Excel download of this report includes

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details on seven recently operational terminals, four built but not operational terminals, 47 under construction regas projects,
143 pre-FID projects and expansions at 20 existing terminals.

Regas Terminal Highlights

Global LNG regas capacity and y-o-y changes

Source: Wood Mackenzie

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Newly operational LNG regas terminals

Seven new regas terminals have become operational since the beginning of 2021. In January Krk LNG, in Croatia, started
operation. The Jawa-1 (Cilamaya) FSRU project, in Indonesia, began operations in April, and the Ertuğrul Gazi FSRU, in
Turkey, started operations in June. Also in June, Pichilingue LNG, in Mexico, received its first cargo, while Al-Zour LNG, in
Kuwait received its first cargo in July. In October, Italy’s Ravenna LNG and Senegal’s LNGT Powership also began operations.

Highlights include:

Al-Zour LNG, Kuwait: The Al-Zour LNG terminal, owned by the Kuwait National Petroleum Company (KNPC), is located
approximately 90km south of Kuwait City in the Al-Zour region. The terminal includes both import and proposed export units,
comprising of a regasification facility, eight LNG storage tanks with a capacity of 225,000 m3 each, two marine jetties, and
berthing facilities for loading. The construction of the terminal began in 2016 and in July 2021, the regas section of the terminal
was commissioned after receiving its first LNG cargo. The LNG terminal has a regasification capacity of 10.7 mmtpa and a
cumulative storage capacity of 1.8 million m3. The capacity is expected to be doubled to 21.4 mmtpa in 2022. It is currently one
of the largest capacity LNG storage and regasification green field projects.

Ertuğrul Gazi FSRU, Turkey: The Ertuğrul Gazi FSRU, owned by BOTAŞ Petroleum Pipeline Corporation (BOTAS), was built
by Hyundai Heavy Industries in South Korea. It has a length of about 295 metres, a width of 46 metres, and a height of 63
metres. It comes in as a replacement to the initially chartered vessel, the MOL FSRU Challenger, that left Turkey in 2020
following the expiration of the short-term LNG storage contract.

The Ertuğrul Gazi floating LNG storage and regasification unit has a storage capacity of 170,000 m3 and a regasification
capacity of 988 mmcfd (7.5 mmtpa). Following the inauguration ceremony of the vessel held at the Dortyol facility in the
southern province of Hatay in June 2021, the new FSRU will help to increase Turkey’s storage capacity. The first ship-to-ship
LNG transfer was also carried out by the FSRU in June 2021.

Jawa-1 (Cilamaya) FSRU, Indonesia: The projects FSRU, Jawa Satu, was delivered to Indonesia by Samsung Heavy
Industries in January 2021. Internal cooling of the FSRU occurred in February and March 2021 before the terminal received its
first cargo from Tangguh in April 2021. The terminal is anchored about 14km off-coast and is connected by a 21km pipeline to
the 1,760-MW Java 1 Steam Power Plant (PLTGU), which allows the plant to be fuelled by regasified LNG unloaded through the
FSRU. The FSRU has a 170,150 m3 of storage capacity and regasification unit capacity of 300 mmcfd (2.3 mmtpa).

Recent project start-ups

Country Project Company Type mmcfd mmtpa Comments

LNG Croatia announced in January 2021, that its FSRU, the 14
Croatia Krk LNG LNG Hrvatska At Shore FSRU 250 1.9
Golar Viking - received its first cargo.
Jawa-1 (Cilamaya) Received first cargo from Tangguh in April 2021. Imported LNG
Indonesia PERTAMINA Offshore FSRU 300 2.3
FSRU Powerplant (PLTGU).
NFE started construction of the terminal in August 2019 for an
Mexico Pichilingue LNG New Fortress Energy Small-Scale 48 0.4
was acquired as part of the acquisition of Hygo Energy Ltd. Op
Ertuğrul Gazi FSRU was put into service following a ceremony
Turkey Ertuğrul Gazi BOTAS FSRU 988 7.5
The project is the first publicly owned FSRU in Turkey. It replac
Kuwait Al-Zour LNG KNPC Conventional 1400 10.7 First phase of project complete in July 2021. A further 10.7 mm
Start-up of the Ravenna small-scale LNG terminal announced
Italy Ravenna LNG ENI Conventional 60 0.5
2021.
Senegal LNGT MOL and Karadeniz
Senegal FSU 29 0.2 Floating gas-to-power project. 235 MW
Powership Bakir
Source: Wood Mackenzie

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Global LNG regas project tracker H2 2021

New Regas Terminals by Type New Regas Terminals by region

Recent and upcoming LNG regas project start-ups

Source: Wood Mackenzie

Built but not operational terminals

A further four projects have finished construction but are not operational as of December 2021. Vietnam’s Hai Linh LNG
completed construction in 2020, however commercial operations are not expected to begin until late 2022 or early 2023.
Construction at Bahrain FSU was completed in March 2021. However, the start-up of the terminal has been delayed as the
authorities continue gas sales talks with end buyers. As a result, the FSU, Bahrain Spirt, is currently being used as an LNG

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carrier. The Jaigarh terminal in India was completed in April 2021 but due to limited current demand has yet to be operational.
The Ghana FRU terminal was completed in October 2021 but again operations are yet to begin.

Built but not operational

Country Project Company Type mmcfd mmtpa Comments

Construction completed in 2020, however commercial operatio

Vietnam Hai Linh LNG HL Energy Conventional 265 2.0
2022 or early 2023.
Bahrain LNG said that the mechanical construction and commi
Bapco, Teekay and completed. However, the start-up of the terminal has been dela
Bahrain Bahrain FSU FSU 800 6.1
others sales talks with end buyers. The FSU Bahrain Spirit left the cou
currently being used as a LNG carrier.
The LNG terminal at Jaigarh will connect to the national gas gr
India Jaigarh H-Energy Private At Shore FSRU 525 4.0 pipeline being constructed by H - Energy. The FSRU arrived in
due to limited current demand.
New breakwater and moorings have already arrived at the Tem
Ghana FRU Helios Investment larger FSU. A subsea pipeline to shore and 6km pipeline to exi
Ghana FSRU 397 3.0
(Tema) Partners has 12-year deal to supply 1.7 mmtpa. Shell and GNPC have r
LNG deliveries has been delayed until 2022.
Source: Wood Mackenzie

LNG regas terminals under construction

47 LNG regas terminals are currently under construction, which will add 111.2 mmtpa to global regas capacity. China is the
most active markets, having 50.0 mmtpa of under construction capacity with 21 new projects. 17 of the new projects, making up
76 % of the under construction capacity, are being constructed by emerging buyers as they seek access to the global LNG
market.

Other active markets include India, Brazil and the Philippines. India is currently building four new terminals with 16.0 mmtpa of
total capacity, while Brazil and the Philippines both also have over 10 mmtpa of capacity under construction.

Twelve of the terminals under construction will use FSRUs, two are FSUs. The remaining 32 are conventional terminals.

Recent highlights include:

Europe
Hamina LNG, Finland: The Hamina LNG Terminal is currently under construction and is expected to be operational at an
unspecified date in 2022. The terminal was initially expected to begin operations in April 2021, but in August 2021, Hamina LNG
company announced a postponement to commercial operations till 2022. The terminal will comprise of two LNG storage tanks of
30,000 m3 and 20,000 m3 capacity, and a 10 mmcfd (0.1 mmtpa) regasification capacity when completed.

Paldiski LNG, Estonia: The Paldiski LNG project is being managed by Balti Gaas. Commissioning of the terminal is expected
in 2025. The terminal is expected to have a regasification capacity of 1.8 mmtpa. In May 2021, all requisite planning and Front-
End Engineering Design (FEED) was completed. Also, all building and environmental permits have been obtained and on-site
preparatory works have since started. We assume FID occurred before construction began in May 2021.

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Global LNG regas project tracker H2 2021

Americas
Barcarena, Brazil: In April 2021, New Fortress Energy (NFE) became owner and operator of the project upon completion of its
Hygo acquisition. FID was then taken on the Barcarena terminal, and construction of the FSRU, with a capacity of 4 mmtpa, is
now underway. In December 2021, New Fortress Energy confirmed the execution of a 15 year gas supply agreement (GSA)
with a subsidiary of Norsk Hydro ASA (Hydro) for the supply of natural gas to the Alunorte Alumina Refinery. Under the GSA,
NFE has agreed to supply Hydro with 29.5 TBtu of natural gas annually to the refinery, with natural gas coming from the
Barcarena LNG terminal. The terminal is expected to be completed in Q2 2022.

Energia del Pacifico, El Salvador: In November 2021, an FSRU arrived at the terminal. The FSRU will serve the 378 MW EDP
LNG-to-power project, which has been delayed, due to the Covid-19 pandemic affecting construction work, to a start date of
September 2022. The project will be supplied by Shell under a long-term agreement.

Santos LNG, Brazil: The Santos LNG project began construction work in August 2021. The terminal is owned by a subsidiary
of Grupo Cosan and will be operated by Compass (another subsidiary of Grupo Cosan). The terminal has a licensed
regasification capacity of 3.8 mmtpa and a storage capacity of 173,000 m3 of LNG. In December 2021, Compass signed an
agreement with Hoegh LNG for a 10-year FSRU charter for the Santos terminal, with operations expected to start in late 2022 or
early 2023.

Suape LNG, Brazil: New Fortress Energy signed an MoU for a 15 year, 288 MW PPA with Petrobas and CCETEC. FID was
taken in August 2021, with construction work of the 1 mmpta facility beginning in the same month.

Terminal Gas Sul, Brazil: Similarly, to the Barcarena terminal, NFE became the owner and operator of the Terminal Gas Sul
terminal in April 2021, and FID soon followed. The EPC contract was signed with engineering firm Tenegne, and the
construction work for the terminal has begun. The terminal will have a capacity to store 160,000 m3 of LNG and can regasify 4
mmtpa. NFE have signed a GSA to SCGas under a five year deal starting in March 2022. The first construction phase, which
includes the maritime terminal, is scheduled to finish in February 2022.

APAC
First Gen Batangas LNG, Philippines: First Gen are one of three companies, along with Shell and San Miguel Corporation,
constructing terminals at Batangas. Under a five year deal, BW Gas will provide its 162,000 m3 FSRU, BW Paris. The FSRU is
expected to begin operations in Q3 2022 and be required until the onshore terminal is completed in 2025. The First Gen projects
at Batangas will serve First Gen’s 2 GW CCGT portfolio, which needs gas due to existing gas from the Malampaya field
declining.

Jiangyin LNG (Jiasheng), China: Sinoenergy were forced to pause the construction work of its Jiangyin terminal in June 2021,
after its assets were frozen for three years due to previous debt issues. Jiasheng have since started construction work on its
own terminal in Jiangyin. Construction work began in June 2021, and includes 360 000 m3 of LNG storage tanks, the
transformation of LNG receiving terminal, and the construction of LNG logistics ships and vehicles to allow for distribution from
the Yangtze River basin. The first phase of the project is expected to commence operations in 2023, with 2 mmtpa receiving
capacity.

Longkou LNG (Sinopec), China: China’s National Development and Reform commission approved Sinopec’s plans for the
Longkou LNG terminal at Yantai port in October 2021. Construction of the first phase of the facility, including a jetty and four
220,000 m3 storage tanks and a regasification transfer capacity of 3 mmtpa, began in December 2021. Sinopec plans for the
first phase of the project to be completed by 2024 and a further 3 mmtpa of regasification transfer capacity to be added by 2026.

Nong Fab, Thailand: In July 2021, EGAT and PTT signed a memorandum of understanding to jointly develop the Nong Fab
terminal after the NEPC proposed that EGAT should invest in 50% of the project instead of developing an FSRU previously

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proposed for the north of the Gulf of Thailand. The EPC for the project was awarded to a joint venture between Saipem and
CTCI. The terminal is expected to be complete in 2022 and have a regas capacity of 7.5 mmtpa.

Rudong LNG (Guoxin), China: Guoxin’s Rudong LNG, with three 200,000 m3 tanks and 2.95 mmtpa regas capacity, is under
construction and expected to be completed by September 2023. The project is near to PetroChina’s Rudong LNG terminal. The
project will use PetroChina’s facilities to import LNG in the near term and will build its own receiving jetty in the long term.

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Projects under construction

Country Project Company Type mmcfd mmtpa Comments

NFE became owner/operator of p
Brazil Barcarena New Fortress Energy FSRU 530 4.0 taken soon after and construction
Hydro with 29.5 TBtu of natural g
NFE became owner/operator of p
Brazil Terminal Gas Sul New Fortress Energy FSRU 530 4.0 taken soon after and construction
2022 so operations expected to c
New Fortress Energy have signed
Brazil Suape New Fortress Energy FSU 128 1.0
CCETEC. FID taken in August 20
Construction began after taking F
Brazil Santos LNG Compass FSRU 500 3.8
LNG for an FSRU signed in Dece
Phase 1 will add 3 mmtpa and is
China Binhai LNG CNOOC Conventional 394 3.0 since May 2021, and will add 6 st
in 2025.
Will use 263,000m³ MOL FSRU C
China Hong Kong Offshore LNG CLP Offshore FSRU 394 3.0
expected in 2022.
China Wenzhou LNG Zhejiang Energy Group Conventional 394 3.0 Sinopec is pressing ahead constr
Phase 1 is under construction. Sm
China Yueyang LNG Guanghui Energy Conventional 66 0.5
allowed will be 8000m3.
Port of Jiaxing LNG has been com
China Jiaxing LNG Others Conventional 131 1.0
2022
China Suntien Green
China Caofeidian LNG (Suntien) Conventional 394 3.0 Approved by NDRC, EPC awarde
Energy
China Chaozhou LNG (Sinoenergy) Sinoenergy Pacific Conventional 131 1.0 Project was listed as under const
Construction of tanks completed i
China Guangzhou LNG Guangzhou Gas Group Conventional 144 1.1
purposes.
China Jiangyin LNG (Jiasheng) Jiasheng Gas Conventional 263 2.0 Started construction in June 2021
Initial phase of 3 mmtpa by 2023
China Longkou LNG (Nanshan) PipeChina Conventional 394 3.0
2025. This is PipeChina's first reg
China Tianjin LNG (Beijing Gas) Beijing Gas Group Conventional 263 2.0 Phase 1 will construct 2 storage t
China Wuhu LNG Huainan Mine Group Conventional 197 1.5 Huainan received government ap
China Zhangzhou LNG PipeChina Conventional 394 3.0 Construction well under way.
This project will use PetroChina's
China Rudong LNG(Guoxin) Jiangsu Guoxin Investment Conventional 385 2.9
receiving jetty in the long term.
China Chaozhou LNG Huaying Shanxi Energy Inv Conventional 394 3.0 Project is approved by the NDRC
China Huizhou LNG Yudean Conventional 525 4.0 Construction of terminal began in
Construction underway for four 22
China Longkou LNG (Sinopec) Sinopec Corp Conventional 394 3.0 ships with a capacity of up to 266
6 mmtpa, with 3 mmtpa operation
China Wenzhou Huagang LNG Huafeng Group Conventional 393 3.0 Construction underway. Project w
Land accretion has started indica
China Yangjiang LNG Yudean Conventional 263 2.0
construction

China Yantai LNG GCL Oil & Gas Conventional 394 3.0 Reported that construction began

Construction 99% complete but a

China Jiangyin LNG (Sinoenergy) Sinoenergy Pacific Conventional 263 2.0
Sinoenergy's previous debt issue
FID taken in June 2020. The term
Cyprus Cyprus FSRU Cypriot State At Shore FSRU 158 1.2
carbon-intensive fuel oil to gas.

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Global LNG regas project tracker H2 2021

In November 2021, an FSRU arri

Energia del Pacifico LNG Near Shore
El Salvador Energia del Pacifico 280 2.1 serve the 378 MW EDP LNG-to-p
terminal FSRU
occasions, with start date now sc
All requisite planning and FEED w
Estonia Paldiski LNG Balti Gaas Conventional 236 1.8 permits have been obtained, henc
2021 to 2024.
Construction of the terminal bega
Finland Hamina Haminan Energia Conventional 10 0.1
April 2021 but was delayed.
The project will operate as a pure
mmtpa of capacity and GSPC boo
India Jafrabad FSRU Swan Energy At Shore FSRU 657 5.0
delayed and yet to achieve financ
to start before 2022.
Will be the first privately owned L
Utilisation is dependent on the co
India Dhamra Adani Group Conventional 657 5.0
expected online by early 2023. In
and 1.5 mmtpa respectively.
Karaikal LNG is being built within
Coast of India, South of Chennai.
India Karaikal Port LNG AG&P FSRU 131 1.0
and commercial customers within
being chartered for 15 years.
The proposed tie in pipeline to ev
India Chhara LNG HPCL Shapoorji Energy Conventional 657 5.0 which has 3 regas terminals, ther
sustainability, though an offtake a
The construction works for the po
Indonesia Papua Indonesia Mini-LNG PLN Small-Scale 48 0.4 the sites and BP expects to delive
estimated LNG demand to supply
Indonesia Teluk Lamong Mini-LNG PERTAMINA Conventional 26 0.2 PGN is constructing small scale r
Terminal to be built at Sumitomo
Japan Niihama Tokyo Gas Conventional 175 1.3
MW Niihama gas-fired power plan
Near Shore
Mozambique Mozambique LNGT Powership Mitsui OSK 247 1.9 Floating gas-to-power project. Dw
FSRU
EIA said that the terminal is unde
Myanmar Kyaukpyu VPower Group Conventional 18 0.1
CC Power Plant.
As part of the acquisition of Hygo
Near Shore
Nicaragua Puerto Sandino New Fortress Energy 60 0.5 Puerto Sandino. Operations are e
FSRU
power plant.
Sinolam's combined cycle plant w
Sinolam Smarter Energy
Panama Sinolam LNG FSU 250 1.9 impacting construction. Delivery o
LNG
operational.
SMC has partnered with AG&P fo
Philippines San Miguel Corp. LNG San Miguel Corporation FSRU 420 3.2 have received notice to proceed f
by the end of 2022.
First Gen have selected BW Gas
First Gen Batangas (interim Under the five year contract, BW
Philippines First Gen FSRU 500 3.8
FSRU) is expected to begin operations in
completed in 2025.
Construction started in 2011 but h
Philippines EWC Pagbilao LNG Energy World Corporation Conventional 397 3.0 associated 650 MW CCGT plant
downstream PSAs so it’s likely th

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Global LNG regas project tracker H2 2021

First Gen's onshore terminal is ex

Philippines First Gen Batangas LNG First Gen Conventional 660 5.0
When operational this terminal wi
Construction contracts were awar
Korea Energy Terminal 2020. Construction on phase 1 w
South Korea Korea Energy Terminal (KET) Conventional 132 1.0
(KET) 215,000 kl storage tanks, a 1 Mt e
support industrial growth around
PTT LNG awarded the EPC contr
Thailand Nong Fab PTT and EGAT Conventional 991 7.5 2018. Construction started in May
develop the terminal.
An agreement to supply gas to ga
Vietnam Thi Vai LNG PetroVietnam Conventional 132 1.0 of capacity, was signed in June 2
project.
Source: Wood Mackenzie

LNG regas FID tracker

The LNG regas FID tracker evaluates each proposed LNG project globally. We rank each project against six key criteria which
must be reached prior to a final investment decision (FID) being taken:

• Participation

• End-user market

• Development concept & engineering

• Environmental and Regulatory approvals

• Financing

• LNG supply

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A detailed spreadsheet can be accessed from the downloads section.

We qualitatively score each project against criteria to asses which projects are making the most progress.

The Q4 2021 report includes 143 pre-FID proposed LNG regas terminals.

FID Outlook for 2022

Regas capacity sanctioned (2017-2021)

Fifteen new LNG terminals took FID in 2021, equating to 50.6 mmtpa. This included the Port Kembla FSRU terminal in
Australia, four terminals in Brazil (Barcarena LNG, Santos LNG, Suape LNG and Terminal Gas Sul), and the San Miguel
Corporation terminal in Philippines. China FID’ed the most capacity, totalling 18 mmtpa across six terminals. Five of these
terminals are owned by non-NOCs, as second tier companies continue to enter the regasification market in China. Brazil
sanctioned a total of 12.8 mmtpa, while Philippines took FID on three projects totalling 11.2 mmtpa.

We believe the seven below projects have a good chance of taking FID in 2022. Presently in our outlook, there is no Chinese
terminals that are highly likely to take FID in 2022, however there are a few projects which may accelerate, leading to additional
sanctioned regas capacity.

The below projects have a combined capacity of 23.2 mmtpa:

• Alexandropoulos LNG terminal, Eastern Greece

• German LNG terminal, Northwest Germany

• Maputo FSRU, Mozambique

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• Son My LNG, Vietnam

• Taipower Taichung, Taiwan

• Taoyuan (Guantang LNG), Taiwan

• Viva LNG, Australia

Highlights include:

Taoyuan (Guantang LNG): CPC has proposed a third LNG terminal in the Guantang Industrial Park in the district of Taoyuan,
north Taiwan. The terminal will have 1 mmtpa (132 mmcfd) of regas capacity and 320,000-m3 storage capacity. The terminal is
planned for completion by the end of 2025 and envisions a later regas capacity upgrade to 3 mmtpa (397 mmcfd). The project
has faced public opposition led by environmental groups who believe the project threatens the 7,000-year-old Datan coastal
algal reef and endangered species. A referendum, held on 18 December 2021, voted against the need to move the terminal,
and CPC will now likely submit and EIA before taking FID and beginning construction in 2022.

Viva LNG, Australia: The Australian east coast market is short of gas from the mid-2020s. LNG imports are required
seasonally from as early as 2023 and all year round from the late 2020s. Port Kembla in New South Wales took de facto FID on
2 December - marking itself as a front runner. Viva Energy remains hot on the heels after signing multiple deals in December
2021, including an MOU with Woodside for it to secure regas capacity, and a HOA with Hoegh LNG for provision of an FSRU.

New LNG regas terminals proposals

The following five new terminals were proposed in 2021:

Avalon LNG, Australia: In March 2021, Vopak announced it was planning to build an LNG terminal at Avalon in Port Phillip
Bay, Victoria. The proposed project would include an FSRU moored 19km offshore from Avalon North, adjacent to existing
shipping anchorage sites. A pipeline would run from the marine berth to the current pipeline infrastructure allow the project to
supply gas to the Victorian market. The terminal has progressed quickly, with several existing gas market participants signing
MOUs in support of the project development. Avalon is the fifth terminal proposed in Australia, after Port Kembla, Viva LNG,
Outer Harbour FSRU and Newcastle GasDock. The Crib Point proposed terminal was cancelled this year after the local
government rejected the proposal on environmental grounds.

Port Coega FSRU, South Africa: A request for information (RFI) was issued by South Africa’s Central Energy Fund (CEF) in
November 2021 to understudy the prospects of establishing South Africa’s first LNG import terminal at Ngqura, Eastern Cape.
The study is being undertaken under the auspices of the country’s department of mineral resources and energy (DMRE). The
preferred terminal configuration will be an FSRU with an LNG storage of 170,000 m3 and over 4 mmtpa of regasification
capacity. Upon finalisation, South Africa intends to lease or charter an FSRU vessel for 20 years. The issued RFI aims to satisfy
market inputs on gas aggregation (with regards to ensuring cost-effective supply based on demand), the provision of an FSRU
and terminal operator services, and the engineering, procurement and construction of fixed gas infrastructure.

Port Qasim Tabeer, Pakistan: Tabeer Energy, a subsidiary of Mitsubishi, has proposed a fourth terminal in Port Qasim after
the proposals by Energas, Pakistan GasPort and Engro. The proposal is for Tabeer to charter an FSRU, and construct a jetty,
an onshore receiving facility and a 24 km pipeline. In April 2021, the Oil & Gas Regulatory Authority (Ogra) granted construction
licenses to Tabeer Energy and Energas to start construction of LNG receiving terminals at Port Qasim. The licenses are subject
to an implementation agreement with Port Qasim Authority (PQA) for construction of the FSRU and subject to having a gas
transportation agreement for supply of LNG to the national gas pipeline network. It is likely that two of the four proposed Port
Qasim projects will go ahead, with Tabeer and Energas currently best placed.

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Surat Thani LNG, Thailand: EGAT initially planned to install an FSRU in the north of the Gulf of Thailand to supply gas to its
2,100-MW power plant in South Bangkok. However, the NEPC halted the project in 2020 despite being supportive of a feasibility
study completed in 2019. Subsequently, EGAT and PTT did a feasibility study in 2021 for a 5-mmtpa FSRU in Surat Thani to
provide feedgas to a 1,400-MW power plant by 2027. We forecast the majority of LNG demand will come from Central Thailand
instead of South Thailand, and therefore the FSRU’s 5-mmtpa regas capacity would have been underutilised. In July 2021, the
government decided to build an onshore LNG receiving terminal instead of an FSRU and reduced the capacity from 5 mmtpa to
3 mmtpa. EGAT plans to work with PTT on the new Surat Thani LNG terminal project.

Vlora LNG, Albania: Albania’s reliance on hydropower plants and the unreliability of these plants in the event of some natural
disasters have resulted in the need for the country to consider other more reliable sources of energy. In March 2021, an MoU to
conduct a feasibility study for the development of an LNG terminal in the Port of Vlora in Southern Albania was signed between
Excelerate Energy, ExxonMobil, and the Albanian government. The feasibility study would consider the potential of an
integrated LNG to power solution that will include an LNG regasification terminal, expanding the existing Vlora thermal power
plant, and establishing small-scale LNG distribution to Albania and surrounding regions

Expansion projects at existing LNG regas terminals

There are expansions planned at 20 regas terminals between 2021 and 2026 totalling 61.83 mmtpa of new regas capacity. The
expansions vary in size from 7.8 mmtpa at the Tianjin LNG terminal in China to 0.19 mmtpa at the Fos-Cavaou in France.
Expansions at Chinese terminals will make up over 50% of the global total.

China
Five expansions at existing regas terminals in China have been completed in 2021, adding 14 mmtpa of capacity to existing
infrastructure. A further four expansions totalling 18.3 mmtpa of capacity are planned to be completed by 2026. The projects are
located in north and east China and will help unblock infrastructure constraints on LNG imports. Overall, the NOCs still dominate
in capacity growth of existing terminals, making up over 90% of the total additions.

The five completed expansions to existing infrastructure are:

• Phase 2 of the expansion at the Caofeidian terminal started construction in March 2018 and was completed and put into
operation in September 2021. The expansion increased the terminal's regas capacity from 6.5 mmtpa to 10 mmtpa and four
storage tanks each with 160,000 m³ capacity were added. The total cost of the expansion is estimated to be around US$1
billion.

• PetroChina sanctioned the Phase 3 expansion at the Rudong terminal in November 2018. It was completed and put into
operation in September 2021. The expansion involved the construction of two 200,000m3 storage tanks, increasing total
storage capacity to over 1Mcm and regas capacity to 10 mmtpa.

• Two storage tanks each with 160,000m3 were constructed at the Shandong terminal. The expansion was completed in
September 2021 and increased the total regas capacity by 2 mmtpa to 7 mmtpa.

• Construction started on the second phase of Zhejiang LNG in June 2017 and was completed in early 2021. The expansion
has doubled the plants regas capacity to 6 mmtpa and added three 160,000m3 storage tanks.

• Construction began on the second phase of the Zhoushan LNG terminal in November 2018 and was completed in June
2021. The expansion has added 5 mmtpa of regas capacity and two 160,000 m3 storage tanks.

The four planned and under construction expansions to existing infrastructure are:

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Global LNG regas project tracker H2 2021

• Sinopec are expanding the capacity at the Tianjin LNG terminal to 10.8 mmtpa, an addition of 7.0 mmtpa. Construction
started in April 2020 on the five 220,000 m3 storage tanks. Expansion works will also include a new berth for LNG vessels
which Sinopec has received approval for. Completion is expected in 2023-24.

• A second phase expansion was approved in May 2021 at the Zhuhai terminal. The expansion plans to add five 270,000 m3
storage tanks and 3.5 mmtpa of regas capacity. Completion is expected in 2024.

• A third phase of expansion has been proposed at the Shanghai LNG terminal which will add a further 3 mmtpa of receiving
capacity. We estimate that this expansion will be complete in 2025.

• A third phase expansion at the Shandong terminal is under construction. The terminal will add a further 4 mmtpa of regas
capacity by 2025, bringing the total regas capacity at the plant to 11 mmtpa.

India
Petronet LNG intends to add a third jetty and two additional 80,000 m3 LNG storage tanks at the Dahej terminal. The
expansion would add 2 mmtpa of regas capacity, increasing the terminals total regas capacity to around 19.5 mmtpa. The
expansion is expected to be completed in 2024.

Japan
A second LNG 230,000 m3 storage tank was built at the Hitachi LNG terminal in Japan. Tokyo gas completed the construction
in March 2021 and the expansion has allowed for a 0.6 mmtpa expansion in regas capacity.

Thailand
A JV between Gulf Energy (70%) and PTT (30%) has initiated plans to expand the Map Ta Phut terminal, located in the Gulf of
Thailand. The Phase 3 expansion will add 5.0 mmtpa to the terminal's capacity by 2025, bringing it to 15.1 mmtpa.

Colombia
Promigas are undertaking technical studies of the proposition of an expansion at the SPEC LNG Terminal. The proposed
expansion would add 50 mmcfd (0.38 mmtpa) by the end of 2022 and a further 150 mmcfd (1.14 mmtpa) by late 2025.

Europe
At the Grain LNG terminal on the south coast of the UK, regas capacity is being expanded after Qatar Petroleum subsidiary,
QTL, booked all 7.2 mmtpa (~9.8 bcma) of regas capacity offered during the latest open season at the 15-mmtpa (~20.4 bcma)
terminal. The booking underpins a 3.9-mmtpa (~5 bcma) expansion, scheduled to be completed by 2025. For more information,
see our inform: Qatar secures 7.2 mmtpa capacity at Isle of Grain, underpinning new development phase.

On 15 February 2021, Fluxys announced that it will expand capacity at the Zeebrugge terminal in Belgium by 6 mmtpa. The
announcement follows the conclusion of a binding open season in November 2020, during which all sendout capacity offered
was booked. The expansion will be carried out in two phases for permitting reasons. 4.7 mmtpa will be made available by early
2024, with the full 6 mmtpa of expanded capacity available from early 2026. For more information, see our inform: Fluxys
sanction 6 mmtpa capacity expansion at Zeebrugge terminal.

A phased expansion of the Świnoujście LNG terminal in Poland is due to take place between 2022 to late 2023, expanding
regas capacity from 5 bcma to 8.3 bcma. The total expanded capacity will be available from early 2024 and will include the
addition of bunkering facilities, rail loading services, a third storage tank and a second jetty.

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Global LNG regas project tracker H2 2021

Debottlenecking has allowed Fosmax LNG to offer an extra 0.19 mmtpa of regas capacity at the Fos Cavaou LNG terminal on
France’s Mediterranean coast. A successful non-binding open season was carried out in June 2020, followed by a binding open
season which commenced in January 2021. The capacity is being offered from 2021-31.

The South Hook terminal (21-bcma) in the UK is aiming to increase capacity by 5.3 bcma. The increased capacity will be used
to accommodate volumes from the 15.6-mmtpa Golden Pass LNG project in the US, which took FID in January 2019 and is
scheduled to begin operations in 2025. To support its investment in the additional capacity, South Hook has applied for
exemption from regulated Third Party Access for a period of 25 years in October 2018 from the start of operations. This was
granted by Ofgem in May 2020.

The Gate terminal in the Netherlands plans to increase its regas capacity through the addition of two vaporisers. An
unsuccessful open season for the expanded capacity was carried out in 2019. However, the offer of the expanded capacity is
still active. With available regas capacity in Northwest Europe dwindling, it is likely that the expanded regas capacity at Gate will
generate sufficient interest in the near term. We currently expect that Gate will be expanded by 2-bcma by September 2022.

In February 2021, APS was awarded the contract for the third phase of the expansion of the Sines terminal in Portugal. This
expansion contract comes in as part of considerations to expand the terminal’s regas capacity by 2022.

Accumulated planned expansion capacity to be added

FSRUs available for quick start projects

As of Jan 2022, there are 34 FSRU vessels deployed at operational LNG import terminals. There are a further four FSRUs that
have charter agreements in place at terminals which are under construction. Additionally, we record seven FSRUs in our
shipping database that are not deployed at import terminals and are either operating as conventional LNG carriers or floating
storage. One LNG carrier is currently under conversion to an FSRU.

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Global LNG regas project tracker H2 2021

In 2021, three FSRUs started operations at import terminals. This included LNG Croatia - formally Golar Viking - at Krk LNG,
Jawa-1 FSRU in Indonesia and Ertugrol Gazi in Turkey. Elsewhere, an FSU began operations in Senegal and an FRU arrived
in Ghana but has yet to be commissioned.

A single FSRU order was placed in 2021. Dynagas ordered the Transgas Force FSRU from Hudong-Zhonghua who delivered
the FSRU in November 2021. This FSRU is one of seven FSRUs that are built and are available for charter. The others include:

• Exemplar Excelerate – used at Bahia Blanca during the Argentinian winter but no deal for the vessel to return in 2022 as of
yet

• Golar Freeze – Hoegh Gallant replaced Golar Freeze at Old Harbour in September 2021

• Golar Spirit - In cold lay up

• Golar Tundra - available after charter agreement with Ghana project cancelled

• Hoegh Esperanza - available after the Australian Crib Point project was cancelled

• Transgas Power - delivered in July 2021 as the first FSRU built by Hudong-Zhonghua for Dynagas

The Northwest Shearwater vessel is currently undergoing conversion into an FSRU. The conversion is expected to be
completed later in 2022. The is currently the only FSRU vessel under construction.

Four FSRUs have agreed charter agreements that will start in the next two years. BW Tatiana has arrived at Energia del
Pacifco, with operations expected to begin in Q2 2022 under a long term charter agreement; Vasant 1 will operate at Swan
Energy’s Jafrabad terminal from mid-2022; BW Paris will deliver LNG to First Gen’s Batangas terminal from Q3 2022 under a
five year charter agreement; and Hoegh Galleon will serve as the FSRU at Port Kembla from 2023 under a 10 year agreement.

Hoegh LNG has agreed a deal with Compass for Hoegh Gannet to move to the Santos terminal once the current agreement for
the vessel to be in Trafigura expires in mid-2022. Hoegh LNG has also agreed a MOU with VIVA to supply an FSRU from 2023.

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Global LNG regas project tracker H2 2021

Appendix
China regas terminals

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