Demand for LNG is continuously increasing in Taiwan, and is predicted to increase about 5 to 8 million metric tons this year.
According to the news published in The China Post, Chen Ruey-long (The Minister of Taiwan’s economic affairs) said, “Taiwan needs much more elasticity in liquefied natural gas purchasing contracts to be able to better match supplies with fluctuating demand.”
Taiwan has got connected with Malaysia, Indonesia, and Qatar for the lifetime agreement. Besides this, the country was also eager to purchase Australia LNG from the project Woodside's North West Shelf.
In news published on The China Post, Chen said, "Introducing greater competition in the trade of LNG will help to improve the long-term security of supply as well as create wider access to LNG sources. A key element to achieving these reforms would be providing LNG contracts with more flexibility.”
The demand that Taiwan did for LNG is predicted to increase about 5 to 8 million metric tons in the current year and reach 10.5 million metric tons in the year 2010 and 16 million metric tons in the year 2020. Also, in Asia, Taiwan is the third largest buyer of LNG and the fuel meets more than the gas is demanded in Taiwan.
Demand of LNG is also growing by Taiwanese. For some of the environmental concerns, Government has come up with an idea of tripling the LNG consumption by the start of year 2010 because natural gas is the clear and cleanest fossil fuel.
The decision of scrapping the 4th nuclear plant, government has said that it would not only increase the operation of natural gas plants, but also would ease the finishing of 3rd power transmission line project to raise the availability of power from south to the north.
Generally speaking, Taiwan started a plan of decreasing importance of nuclear power and changing it with the LNG.
According to the research of RNCOS, LNG is increasing day by day and it is helping Taiwan to cover up its energy needs. Taiwan also needs to grow the imports of LNG because of the fact that, it is flexible, competitive and also it has the ability to cover both the long term and short-term energy needs.
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