Hong Kong has joined the LNG importers’ club. On 14 June, Mitsui O.S.K. Lines (MOL) announced that the world’s largest floating storage and regasification unit (FSRU), the 263,000-cm Bauhinia Spirit, had received the city’s first LNG cargo from Chinese NOC PetroChina a month earlier. The arrival of this commissioning cargo was a milestone for Hong Kong that has been two decades in the making and comes as part of a broader effort to achieve the city’s climate goals through coal-to-gas switching. The project will underpin its shift to use more gas to fuel its power generation fleet amid limited potential for renewables, while underscoring a growing sense in the Asia Pacific region that gas, even at a time of price volatility, will be a critical transition fuel in its decarbonisation drive.
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