Platts, part of S&P Global Commodity Insights, has debuted the first price assessment for LNG cargoes in Southeast Asia amid growing demand for natural gas.

The Southeast Asia LNG (SEAM) cargo assessments are published as a differential to the Platts Japan-Korea-Marker (JKM), which is the LNG benchmark price assessment for spot physical cargoes in Asia.

Additionally, the assessments are also published on an outright basis, reflecting the value of cargo delivered to key countries in the region, including Thailand, Singapore, Vietnam, and the Philippines.

“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, recently, witnessed the commissioning cargoes of several new LNG terminals.

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.

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

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

This growth is a result of the region’s expanding import capacity, with the number of regasification terminals expected to increase from 14 in 2023 to 24 by 2030.