SINGAPORE – According to energy market reports, non-China rising Asian customers, including Thailand, India, Pakistan, and Vietnam, spent an unprecedented USD 7.4 billion on spot liquefied natural gas (LNG) tenders following Qatar’s loss of passage via the Strait of Hormuz. Spot LNG prices have more than doubled in comparison to long-term contract baselines, leaving growing Asian nations with acute power generation deficits and rising industrial energy surcharges. As rising spot gas prices force regional industrial facilities to reconsider their energy reliance and consider alternative fuels, domestic manufacturers have a compelling commercial incentive to adopt localised thermal energy recovery options, such as Recycled Fuel Oil (RFO) and Re-Refined Base Oil (RRBO), to lock in price-stable, compliant energy overhead and insulate plant operating margins from global gas market volatility.
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(Source: The Edge Singapore)