SINGAPORE: Platts, part of S&P Global Commodity Insights, on Monday launched Southeast Asia’s first price assessment for liquefied natural gas (LNG) cargoes amid growing demand for the super chilled fuel.

The Southeast Asia LNG (SEAM) cargo assessments are published as a differential to the Platts JKM, as well as on an outright basis, and reflect the value of cargoes delivered to Thailand, Singapore, Vietnam and the Philippines, said S&P in a statement.

The JKM, or the Japan-Korea-Marker, is the LNG benchmark price assessment for spot physical cargoes in Asia.

“Southeast Asia is expected to become a major hub for the consumption of LNG, with its changing energy mix and increasing power demand,” said Ciaran Roe, Global Director for LNG at S&P Global Commodity Insights.

Southeast Asia is expected to increase its use of LNG, as domestic gas reserves dwindle and power demand grows.

Three new LNG terminals received their commissioning cargoes this year in the region. State-run PetroVietnam Gas bought Vietnam’s first cargo in May to test run the Thi Vai LNG Terminal in the southern province of Ba Ria Vung Tau.

The Philippines first LNG cargo was imported by San Miguel Global Power Holdings Corp in April to commission the floating PHLNG terminal in Batangas City, while power producer First Gen Corp bought an LNG cargo to commission its floating storage and regasification unit (FSRU) in Batangas province in September.

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S&P Global Commodity Insights forecasts Southeast Asia’s LNG imports to rise to 31 million metric tons in 2025, and to 56 million metric tons in 2030.

This is up from an estimated 20.4 million metric tons in 2023 and 19.1 million metric tons last year.

This growth will be aided by an expansion in import capacity, with the number of regasification terminals expected to increase from 14 in 2023 to 24 by 2030.