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More LNG Storage Set For Caribbean?
A new report has suggested that a growing number of small island nations in the Caribbean and elsewhere around the globe could turn to LNG in preference to oil when it comes to providing for their energy needs.
The research conducted by GTM Research noted that the price of LNG is comparable to that of oil, and with more and more storage facilities for the fuel being constructed around the globe, there are opportunities to capitalise on this.
That’s particularly the case for Caribbean nations and those in the South Pacific, as new export infrastructure in the US and Australia will allow longer-term supply contracts to be worked out.
LNG isn’t the only energy source that could be adopted by island countries, which are particularly conscious of the impact of climate change given that they’re likely to feel the effects first. Solar and hybrid alternatives are also on the cards.
Senior analyst at GTM Research in global solar markets Tom Heggarty said that these nations are “very vocal [on climate change] because by their very nature they’re going to be impacted”.
“We think there’s an opportunity for these markets to be a bit of a lead in transitioning to a low-carbon supply,” he added.
LNG is likely to be an especially popular option, because it’s lower in carbon than oil and could give these nations the time to wait for other alternatives, such as solar and lithium-ion batteries, to come down in price.
Last month one of the world’s largest independent storage tank operators suggested that the move towards clean energy is going to have a significant impact on the global petrochemical storage industry.
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