Taiwan boosts LNG imports in 2024

Preliminary data from the Directorate General of Customs shows that the country received 21.50 million tonnes of LNG during the period.

This is up by 7.1 percent year-on-year compared to 20.08 million mt in 2023.

The data shows that most of these LNG supplies came from Australia (7.94 million mt), Qatar (5.62 million mt), and the US (2.19 million mt).

Other suppliers include Papua New Guinea, Malaysia, Indonesia, Russia, UAE, Brunei, Peru, Oman, Nigeria, and Mozambique.

Last year, Taiwan paid $11.92 billion for LNG imports, down from $12.35 billion in 2023, the data shows.

In December, Taiwan’s LNG terminals received 1.78 million mt, and Taiwan paid $1.07 billion for these imports.

This compares to 1.84 million mt and $1.17 billion in December 2023, the data shows.

The rise in Taiwan’s LNG imports can be attributed to the shift of the power generation mix towards more natural gas but also less coal and the phase-out of nuclear power generation planned for 2025, GIIGNL previously said.

Taiwan currently imports LNG via two terminals operated by state-owned CPC.

CPC operates the Yung-An LNG terminal with a capacity of 10.5 mtpa and the Taichung LNG import terminal with a capacity of 6 mtpa, according to GIIGNL data.

The firm is also expanding its Taichung LNG terminal.

In addition, CPC is also working on the Guantang LNG terminal and the Zhouji LNG terminal.

In 2024, QatarEnergy and CPC signed a 27-year sale and purchase deal for the supply of LNG from Qatar’s North Field East (NFE) expansion project. CPC will also take a stake in the NFE project.

CPC also signed a 10-year deal to buy LNG from Australian LNG player Woodside.