Energy storage company VTTI BV, backed by Abu Dhabi’s main oil company and Vitol Group, is looking to invest in LNG import terminals in Asia as demand for the fuel increases in the region.
“There is a lot of potential in India, Bangladesh, Pakistan and the Philippines,” Chief Executive Officer Guy Moeyens said in an interview on Tuesday in Fujairah in the United Arab Emirates.
“There will be a disproportionate need for regasification facilities in that region. More than, I would say, in Europe or the Americas.”
The Rotterdam-based company acquired a 50% stake in Dragon LNG, one of the UK’s three LNG import terminals, in August and earlier this year agreed to purchase a majority stake in Italy’s Adriatic LNG.
It has also partnered with Hoegh LNG to jointly develop an energy terminal in the Dutch province of Zeeland.
Now, the company is looking to expand its presence in similar facilities across Asia by investing alongside a partner, according to Moeyens.
LNG is playing an increasingly vital role in the global energy supply as countries shift towards cleaner-burning fuels to address climate change concerns while simultaneously developing more renewable energy projects.
The US and Middle Eastern countries are ramping up their LNG export capacities to meet the growing global demand.
VTTI’s shareholders include Abu Dhabi National Oil Co. (Adnoc) and Vitol. This year, Adnoc approved the construction of a new LNG export terminal and acquired stakes in projects in the US and Africa.