statistical review of global lpg - terminal pacifico

01A GLOBAL ROADMAP FOR AUTOGAS

STATISTICAL REVIEW OF GLOBAL LPG

2019

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Licensed to: Yariela Webb Araya, Recope - Refinadora Costarricense de Petroleo S.A


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Copyright © 2019 Argus Media group

| 3Statistical Review of Global LPG

contentS

Introduction 4Key LPG Global Statistics 5

Top 10 LPG Producers 5Top 10 LPG Consumers 5

Executive Summary 62018: Robust Growth 6Market Conditions 9

Production 10LPG Production, 2008-18 10Availability to Local Market, 2018 13Consumption 16LPG Consumption, 2008-18 16LPG Consumption for Energy Purposes Only, 2010-18 19LPG Consumption by sector, 2018 22LPG Regional Share of Market Subsectors, 2018 25Autogas 27Autogas Consumption, Vehicles and Dispensing Sites 27Trade, Infrastructure and Shipping 29

Regional LPG Exports and Imports, 2008-18 29LPG Shipping 30Shipping Freight Rates 2008-18 30LPG Shipping Fleet Capacity by Type 2018 30

Looking to the Future 31Prices 32

Propane Monthly Contract Prices, plus Key Regional Spot Prices, 2018 32Naphtha 34Ethane 34

Background 36Primary Energy Developments 2018 36Primary Energy Consumption by Fuel 36Primary Energy Consumption, 2018 37

LPG Distribution Chain 39Methodology 40World LPG Association and Argus Media 41Disclaimer 42

Note on Data Revisions 42




IntRoductIon

The World LPG Association (WLPGA) and Argus Media are pleased to welcome you to the Statistical Review of Global LPG 2019. The review, which as usual contains the key supply and demand data for more than 120 countries, shows a continuation of the increasingly important role that LPG plays in the lives of billions of people across the world.

2018 saw the global LPG market go from strength to strength — having passed 300mn t in 2017, demand in 2018 grew to 313mn t/yr — an increase of almost 4pc.

As in previous years, we would like to note our appreciation of the efforts of WLPGA members and other organisations which have contributed to the data collection process, and offered insight into the state of play in markets across the world. Along with detailed supply and demand statistics, the review offers an update on the LPG shipping sector, places the LPG sector in the context of primary energy demand, and provides some insight on what the future of the industry may hold as we move into the next decade.

There are now 37 countries that consume more than 1mn t/yr of LPG for hundreds of applications including cooking and transport. When petrochemical demand is factored in, the number of countries consuming more then 1mn t/yr rises to 45, and this is likely to increase to more than 50 in the coming years. Put simply, LPG is an undeniably global product, with global trade routes and a global footprint.

As with previous editions, the 2019 publication continues to benefit from more sources of detailed information and revisions to statistics provided by and reported by sources. This has in some cases led to amendments of data published in previous editions of the report.

We hope that you find the review useful and that WLPGA members in particular continue to benefit from the insight it pro-vides on global LPG markets.

James Rockall, CEO and Managing Director, WLPGA

Adrian Binks, Chairman and CEO, Argus Media group




Key LPG GLobaL StatiSticS

Top 10 LPG Consumers ’000t

Country 2017 2018 ±% 17/18

1 China 52,316 55,027 5.2

2 US 43,256 46,223 6.9

3 India 23,762 24,642 3.7

4 Saudi Arabia 18,583 19,734 6.2

5 Japan 15,576 15,226 -2.2

6 Russia 10,290 10,255 -0.3

7 South Korea 8,986 9,346 4.0

8 Canada 7,989 8,763 9.7

9 Mexico 8,976 8,752 -2.5

10 Indonesia 7,192 7,388 2.7

Global total 301,805 313,290 3.81

Top 10 LPG Producers ’000t

Country 2017 2018 ±% 17/18

1 US 69,152 76,165 10.1

2 China 36,709 38,718 5.5

3 Saudi Arabia 27,239 29,003 6.5

4 Russia 16,660 16,690 0.2

5 Canada 12,380 13,866 12.0

6 India 12,286 13,108 6.7

7 UAE 10,793 11,143 3.2

8 Qatar 10,458 10,620 1.5

9 Algeria 9,155 8,972 -2.0

10 Iran 9,244 7,734 -16.3

Global total 306,448 317,506 3.61




ExEcutivE SummaRy

2018: Robust GrowthIf 2017 was a landmark for the LPG industry — seeing pro-duction and consumption pass 300mn tonnes, then 2018 was a year of exceptional growth — on both sides of the balance.

Total global production for 2018 was estimated at 317mn t, around 3.6pc higher than in 2017, while consumption was as-sessed at 313mn t — 3.8pc higher than in 2017. A number of countries posted higher figures — to be expected in a higher crude price environment — but additional production from the US was the key figure, with a corresponding rise in export availability.

2018 saw US and Chinese output continue to climb, with Russia and the Middle East remaining key sources of LPG for various export markets. There was certainly no lack of LPG for the long-haul markets.

US NGL production soared in 2018 as crude development, particularly in the Permian shale basin, lengthened supplies. US production of LPG from gas processing hit an all-time high of 66mn t/yr — by the end of the year US propane production alone was estimated at 200,000 t/d. The US now exports more than 35mn t/yr, which is almost as much as the entire Middle East.

On the demand side, an additional 3.8pc of LPG was con-sumed globally in 2018, posting a total demand figure of 313mn t — the key gains were in the residential and petro-chemicals sectors.

While the switch to propane and butane as a feedstock and developments in the production of propylene using pro-pane dehydrogenation (PDH) may often grab the headlines concerning the role of LPG in global energy markets, it is in fact the residential sector that continues to dominate global demand — posting a total of more than 138mn t, up by almost 6mn t/yr compared with 2017.

While the majority of the gains are for cooking in the de-veloping world, colder weather in many traditional heating markets resulted in slight increases or at a minimum stable demand in many countries. The all-important US market saw a significant gain in heating demand on the back of very severe cold weather at the beginning of the year.

LPG prices were higher than in 2017, but only as a result of

LPG consumption by sector, 2018

Domestic44%

Agriculture1%Industry

11%

Transport8%

Refinery8%

Chemical28%

higher prices across the oil complex. Relative to other oil products, high availability of propane and butane resulted in strong value against competing fuels and feedstocks — in contrast to 2017, where LPG prices traded at much higher values relative to crude and naphtha.

LPG at the heart of global developmentA trend that is increasingly clear as we move to the new decade is the key role that LPG is already playing as a tool to aid the development of economies and the alleviation of poverty — particularly in Asia and Africa.

LPG plays a key role in the less developed world, and the latest figures highlight the depth of penetration of LPG into a number of new markets.

The role of India and Indonesia as key consumers has been evident for some years — but as the third and tenth-high-est consumers of LPG, respectively, and with a combined demand figure of more than 30mn t/yr — more than the entire EU — their impact on the global market and trade flows should not be understated. For the first time, US LPG has found its way to these markets, having previously been restricted to northeast Asia.

Indian demand growth slowed in 2018, with total demand recorded at 24.6mn t. But growth was still 4pc, and almost 1mn t more LPG was consumed compared with 2017. And while the Indian market is clearly not saturated, Indonesian demand growth was under 3pc for the first time since the country embarked on its enormously successful kerosene-to-LPG programme more than 10 years ago.

It is some of the smaller countries in Asia and Africa that




are showing the highest growth rates. Bangladesh once again posted strong figures, as it saw demand reach almost 800,000 t — up from less than 50,000 t/yr just five years ago, and a number of countries in south and southeast Asia posted increases of 7-10pc, including Vietnam, the Philip-pines, Sri Lanka and Nepal.

Sub-Saharan African growth was particularly robust at almost 9pc, with Nigeria leading the way with an estimated 780,000 t/yr. The country is likely to be the first in sub-Saharan Africa to consume more than 1mn t/yr in the next few years.

Robust economic growth in a number of countries combined with additional imports — mainly from the Mideast Gulf — resulted in most countries in the region seeing additional up-take of LPG. Further primary infrastructure projects in Kenya and South Africa among others are expected to help sustain this trend in the future.

Autogas stable, yet divergingGlobal autogas demand was stable in 2018 compared with 2017, increasing by 0.3pc, with total demand at just over 26mn t. But this masks a trend that has emerged in recent years whereby some of the fuel’s more traditional markets in Asia and northwest Europe are seeing sustained decline, while a number of newcomers report strong growth. US autogas demand figures have been revised compared with previous years as some volumes used in combustion engines have been determined to be used in non-road applications — these have been reallocated to the industrial sector.

Thailand, Australia, Japan and South Korea, all of which have long-standing autogas markets, each saw declines of 10-15pc compared with 2017, which shows a consistent trend with previous years. But South Korean volumes may see a change of fortunes soon owing to an adjustment to govern-ment policy, which will allow members of the general public to purchase and drive autogas vehicles for the first time. Up to now, ownership of autogas vehicles was restricted to specific groups, such as veterans and the disabled.

Some countries posted strong figures in the transport sector. Ukraine, which has seen strong growth over the past five years, once again consumed a record amount of autogas — 1.83mn t in 2018, up from 1.6mn t in 2017. The country continues to benefit from the wide availability of second-hand autogas vehicles and propane, much of it sourced from Russia and Kazakhstan.

LPG production by region mn t

0

50

100

150

200

250

300

350

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Asia-Pacific AfricaMiddle East Europe & EurasiaS. & C. America North America

Algeria saw strong growth with autogas demand of 650,000t in 2018, almost 200,000t more than in 2017. The country has embraced a government plan to reduce dependency on imported gasoline and instead use some of its domestically sourced LPG.

Trade war wobbles US LPG exports to China were subjected to a 25pc import tariff that came into force in August 2018. Initially it looked as though US-sourced butane had escaped the tariffs. But this proved to be an omission quickly rectified by the Chi-nese government. The year ended with the tariffs firmly in place, but also with various hints from both sides that a deal might be forthcoming at some point.

The unintended consequence of the trade war was the rapid creation of a two-tier pricing system. Chinese importers wanted to avoid tariffs, could not buy any US-sourced LPG, but still needed product. Japanese and South Korean buyers sensed a clear opportunity of buying US exports — at a dis-counted rate — and selling their Middle Eastern term supply onto Chinese buyers. The market thereby rapidly evolved an efficient way of dealing with this problem and long-haul trade proved surprisingly robust.

In terms of trade flow the tariff imposition meant that what was a 3.5mn t/yr route from the US Gulf Coast to China, especially east China, was whittled down to zero by the end of 2018. Along with the impact on prices in the region, the result has been US LPG finding a home in even more far flung destinations in south and southeast Asia.

New markets, new technologyThere was much talk last year of relatively new markets for LPG, such as its now proven use as a power generation fuel and as a low-sulphur clean marine bunker fuel for gas car-




riers as the overall shipping fleet deals with tighter sulphur controls. The use of LPG in power generation was reflected clearly in the statistics, where Ghana’s industrial demand for LPG was significantly higher than in previous years. A number of ship operators in the sector announced plans to use LPG as a bunker fuel for their Very Large Gas Carriers (VLGCs) as the shipping industry continued to scramble for ways to mitigate the impact of the International Maritime Organisa-tion’s new, stricter sulphur emissions caps on marine fuels that come into force in 2020.

The LPG industry across the world showed a further willing-ness last year — highlighted at the sector’s many confer-ences — to explore the future role of smart technology, especially in the residential cylinder and household heating sector. The interface between retail customer and product could, various experts argue, be improved in a number of ways, such as utilising the power of smart meters to ease the financial barrier of purchasing LPG. New developments in-clude pay-as-you-go distribution that could help unlock de-mand in many countries in sub-Saharan Africa and beyond.

The year saw the first long-promised commercial sales of bio-LPG in Europe as autogas. The amounts were small, but for the first time autogas could be branded as “bio” and compete at the pumps with conventional fuels — also with the bio branding — more directly. Further research and de-velopment in this sector is under way by a number of parties, and volumes are expected to increase in the future.

Petrochemicals reboundHaving seen a fall in demand for LPG as a feedstock in 2017, 2018 figures demonstrate the continued value that the fuel brings to the non-energy sector. Total petrochemicals demand was up by 8pc on the year as the price of LPG in Europe in particular saw more cracking of both grades, with at least one large facility upgrading its capacity to take cheap propane. Global demand in this sector stood at 86mn t in 2018.

The trend is less visible in North America where ethane is king, and while Asian demand was higher, particularly in Tai-wan and South Korea, it is propane dehydrogenation (PdH) plants that are primarily responsible for additional use of LPG in this sector in Asia.

LPG consumption by region mn t

0

50

100

150

200

250

300

350

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Asia-Pacific Africa Middle EastEurope & Eurasia S. & C. America North America

Trade routes evolve The long-running saga of the Mariner East 2 pipeline expan-sion, connecting the Marcellus and Utica shale formations ultimately to Marcus Hook on the US east coast, still held many twists and turns in 2018 and the project had only be-gun limited operations at the very end of the year. But other projects advanced, such as Canada’s Ridley Island export terminal on the Pacific northwest coast, which was ready to export 40,000 b/d of propane in the second quarter of 2019. More export terminals are on the way, as result of the continued oversupply of LPG in North America, which was a key feature of 2018.

The range of global capital investment in infrastructure looked particularly heartening for the LPG sector. Diverse projects are on the way across the world, such as Wanhua Chemical’s plan to expand its Chinese underground storage cavern to 1.2mn t by 2020, and Switzerland-based Ineos’ plan to build a new propane dehydrogenation plant in northwest Europe. In Asia, Sri Lanka's new terminal at the port of Ham-bantota nears completion and another terminal project in Port Klang, Malaysia broke ground in early 2019.

Shipping picks upWhile the shipping market did not see the kind of rebound many owners had hoped for — they would need to wait until 2019 to see a significant increase in spot and time charter rates — the market did see slightly higher rates in 2018 as the tonne-mile requirements for global LPG were higher than ever. This was counterbalanced by a number of additional vessels, but the rate of expansion of the fleet began to slow down as the building cycle entered a calmer phase.




Market conditions � A higher crude price environment than in 2017 saw LPG

prices rise for a second year running, although the gains were lighter than in the previous year. The Argus North Sea Index gained by $65/t in propane and by $35/t in butane compared with the previous year, both averaging just over $500/t across the year.

� Prices in the Mediterranean region largely followed those of northwest Europe, with any additional demand covered by US cargoes, which began to increasingly find their way to the region.

� The Argus Far East Index and the Saudi Aramco Contract Price (CP) saw similar gains, averaging around $550/t and $540/t, respectively. Propane’s premium or discount to butane fluctuated from month to month, but across the year the grades saw very similar average prices. Butane did not see significant spikes, which had been a feature of previous years.

�Opec’s sustained effort at managing the global crude market paid dividends as crude benchmarks hit the $85/bl mark in October — their highest since 2014. But volatility was in evidence as the market fell by almost $35/bl by the end of the year. A combination of economic uncertainty, the US-China trade war, and political tensions in the Middle East were among the reasons for the sharp rise and fall in prices.

� Production strength in LPG across the world kept a lid on prices relative to crude, as incremental demand from Asia in particular helped clear the market. Absent from market con-ditions this year was concern around US propane invento-ries, which remained at comfortable levels, and unlike 2017 did not incite any significant price rises.

� US NGL production gains helped keep Mont Belvieu, Tex-as, prices low enough to clear into the waterborne market. Asia accounted for the vast majority of US exports although China’s imposition of tariffs dramatically curbed US ship-ments to that region starting in September.

� The tariffs created the emergence of a two-tier market in east Asia, with a spread emerging between China and Japan delivered prices as what was effectively a ban on US-origin imports caused prices to be slightly higher for delivery into China compared with other locations in east Asia — the premium was assessed at $10-25/t depending on demand requirements.

� The sharp drop in Iran’s exports owing to the reimposi-tion of economic sanctions by the US reduced availability of evenly-split cargoes, which helped provide a floor for butane prices.

� The downstream market in northwest Europe was dis-rupted for the majority of the second half of 2018 by low water levels along the Rhine river — the key transport route linking inland domestic consumers to northwest Europe’s premier LPG import centre.

� Seasonal price fluctuations are traditional for the Russian domestic market, but in 2018 these fluctuations were espe-cially noticeable. The reasons for that were lengthy mainte-nance and logistic problems as a result of holding the Fifa World Cup tournament, as well as rising LPG sales through Russian exchanges.

� LPG prices on the domestic Russian market began to in-crease at the end of March and this growth continued until the end of September.

Propane NWE, Mont Belvieu, Japan

300

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450

500

550

600

650

700

Jan 18 Apr 18 Jul 18 Oct 18

NWE Mont Belvieu Japan

$/t

Propane export prices

300

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Saudi Arabia Algeria North Sea

$/t




PRoduction

LPG Production, 2008-18 ’000tCountry 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 ±% 17/18

US 40,643 41,070 42,172 42,166 45,954 52,075 58,726 64,586 65,652 69,152 76,165 10.1

Canada 9,661 9,045 9,486 9,489 9,789 10,015 10,255 10,220 11,399 12,380 13,866 12.0

Total North America 50,304 50,116 51,658 51,655 55,743 62,090 68,981 74,806 77,051 81,532 90,031 10.4

Argentina 2,929 2,863 2,907 2,305 2,775 2,856 2,847 2,583 2,654 2,627 2,627 0.0

Bolivia 362 346 311 304 303 340 373 341 480 496 485 -2.2

Brazil 6,058 5,858 5,264 5,281 5,756 5,680 5,419 5,537 5,093 5,709 5,555 -2.7

Chile 355 347 463 405 604 312 338 332 279 204 250 22.5

Colombia 661 627 601 620 635 642 603 615 555 551 551 0.0

Costa Rica na na 4 1 0 0 0 0 0 0 0 -

Cuba 75 73 60 50 42 73 72 69 48 16 16 0.0

Dominican Republic 21 24 26 28 15 13 16 7 17 11 11 0.0

Ecuador 210 233 205 255 266 250 197 150 248 252 218 -13.5

El Salvador na na 13 12 6 0 0 0 0 0 0 -

Jamaica na na 8 11 9 6 6 8 9 13 11 -15.4

Mexico 6,558 6,695 6,657 6,585 6,423 6,487 6,464 5,490 4,987 4,586 4,004 -12.7

Netherlands Antilles 83 78 30 30 30 24 51 59 45 37 37 0.0

Nicaragua na na 15 17 9 11 10 13 18 20 17 -15.0

Panama 0 0 0 0 0 0 0 0 0 0 0 -

Paraguay 0 0 0 0 0 0 0 0 0 0 0 -

Peru 1,026 1,510 1,473 1,416 1,528 1,766 1,719 1,572 1,548 1,525 1,559 2.2

Trinidad & Tobago 879 956 1,033 932 707 703 668 607 490 537 450 -16.2

Uruguay 80 81 70 57 75 90 80 80 85 21 93 342.9

US Virgin Islands 0 229 0 0 0 0 0 0 0 0 0 -

Venezuela 4,559 4,460 4,452 5,857 6,113 6,069 6,279 6,110 5,786 2,603 2,095 -19.5

Other 46 45 45 72 86 105 121 119 120 125 117 -6.4

Total South & C. America 23,902 24,427 23,637 24,238 25,382 25,427 25,263 23,692 22,462 19,333 18,096 -6.4

Austria 207 247 247 270 257 240 245 349 450 376 447 18.9

Azerbaijan 200 183 240 250 215 263 202 172 200 210 204 -2.9

Belarus 508 523 558 558 640 637 682 649 458 546 525 -3.8

Belgium 507 473 517 570 580 576 707 671 697 739 863 16.8

Bulgaria 140 156 121 119 118 92 98 101 102 120 112 -6.7

Croatia 312 350 302 266 281 250 225 248 248 283 255 -9.9

Czech Republic 238 233 242 227 240 217 267 248 283 383 380 -0.8

Denmark 114 136 153 132 168 103 118 124 94 106 121 14.2

Finland 241 157 246 387 256 310 293 241 275 285 255 -10.5

France 2,757 2,344 2,100 1,877 1,466 1,472 1,474 1,430 1,416 1,444 1,329 -8.0

Germany 2,512 2,385 2,637 2,612 2,624 2,645 2,518 2,656 2,745 3,419 3,224 -5.7

Greece 581 566 682 559 631 671 735 703 825 838 848 1.2

Hungary 290 234 230 212 208 239 289 251 222 188 175 -6.9

Ireland 34 35 57 66 72 63 59 47 42 48 57 18.8




Italy 2,149 2,045 1,864 2,105 1,541 1,684 1,327 1,499 1,507 1,758 1,630 -7.3

Kazakhstan 1,216 1,317 2,100 2,147 2,215 2,448 2,464 2,536 2,680 2,902 3,115 7.3

Lithuania 382 269 277 258 221 253 218 265 288 310 296 -4.5

Macedonia na na 24 20 10 3 0 0 0 0 0 -

Malta 0 0 0 0 0 0 0 0 0 0 0 -

Moldova 0 0 0 0 0 0 0 0 0 0 0 -

Montenegro 0 0 0 0 0 0 0 0 0 0 0 -

Netherlands 1,550 1,536 1,426 1,544 1,551 1,507 1,632 1,735 1,790 1,719 1,626 -5.4

Norway 5,047 4,893 5,577 5,684 5,730 5,625 5,833 5,512 5,160 5,548 5,317 -4.2

Poland 300 285 320 290 358 340 405 375 440 430 485 12.8

Portugal 401 358 380 318 221 261 198 175 240 237 195 -17.7

Romania 603 649 570 582 527 523 560 567 590 617 617 0.0

Russia 10,790 11,261 11,899 12,542 13,395 14,241 15,834 15,844 16,555 16,660 16,690 0.2

Serbia 126 139 128 105 113 193 158 176 166 127 127 0.0

Slovakia na na 117 131 122 172 155 181 177 177 219 23.7

Spain 1,134 1,048 1,086 1,080 1,344 1,335 1,241 1,087 1,541 1,401 1,311 -6.4

Sweden 336 278 344 271 391 308 423 473 481 421 498 18.3

Switzerland 211 197 170 184 119 193 173 106 116 107 129 20.6

Turkey 837 669 721 809 844 804 769 899 1,138 1,180 1,082 -8.3

Turkmenistan na na 461 461 365 467 476 437 435 410 430 4.9

Ukraine 970 931 679 665 563 503 440 412 401 428 403 -5.8

UK 5,455 4,933 3,767 4,043 3,509 3,523 3,268 3,301 3,301 3,324 2,969 -10.7

Uzbekistan 262 278 271 256 274 361 366 470 610 660 740 12.1

Other 98 202 191 133 127 121 101 231 236 236 236 0.0

Total Europe & Eurasia 40,509 39,309 40,704 41,733 41,296 42,643 43,953 44,171 45,909 47,637 46,910 -1.5

Bahrain 207 207 216 226 216 201 216 220 239 225 225 0.0

Iran 5,302 5,303 7,497 7,599 7,570 7,717 7,778 8,024 9,409 9,244 7,734 -16.3

Iraq 1,189 1,200 1,357 1,394 1,538 1,310 1,100 1,578 1,986 1,832 1,930 5.3

Israel 830 838 510 568 498 581 605 621 597 611 592 -3.1

Jordan 129 105 85 84 102 78 91 80 81 78 80 2.6

Kuwait 4,170 4,124 4,183 4,519 4,992 4,843 4,760 4,804 4,925 4,914 5,580 13.6

Lebanon 0 0 0 0 0 0 0 0 0 0 0 -

Oman 356 367 531 626 586 557 573 549 530 530 615 16.0

Qatar 7,460 7,367 8,736 10,268 10,479 10,829 10,917 11,203 10,159 10,458 10,620 1.5

Saudi Arabia 21,804 22,902 24,774 26,006 27,798 26,273 27,325 26,445 30,324 27,239 29,003 6.5

Syria 129 121 455 443 323 189 151 132 139 137 137 0.0

UAE 7,070 7,122 7,467 9,042 9,532 10,021 10,491 10,869 10,466 10,793 11,143 3.2

Yemen 749 759 735 583 667 690 605 610 516 417 407 -2.4

Other 0 0 0 0 0 0 0 0 0 0 0 -

Total Middle East 49,395 50,416 56,546 61,358 64,301 63,289 64,612 65,135 69,371 66,478 68,066 2.4






Algeria 8,251 8,096 8,162 8,014 7,429 7,484 9,176 9,005 9,207 9,155 8,972 -2.0

Angola 694 636 567 596 542 712 591 526 732 760 837 10.1

Cameroon 15 15 20 23 30 25 25 17 17 15 25 66.7

Chad na na 0 5 5 13 5 5 5 17 20 17.6

Congo 203 223 240 258 287 308 20 20 12 8 9 12.5

Egypt 1,142 1,145 1,970 2,051 1,996 2,312 2,342 2,448 2,533 2,480 2,559 3.2

Gabon na na 13 12 14 14 13 13 13 26 8 -69.2

Ghana 71 72 32 45 27 26 7 92 114 205 222 8.3

Ivory Coast 82 79 19 22 45 44 53 42 21 22 22 0.0

Kenya 26 26 29 28 17 12 13 13 0 0 0 -

Libya 536 507 504 331 446 374 343 316 349 321 304 -5.3

Morocco 39 29 29 42 116 96 99 15 0 0 0 -

Nigeria 3,083 3,191 2,734 2,320 2,304 1,747 2,282 2,552 2,940 2,886 3,009 4.3

Senegal 0 3 3 2 1 1 3 5 3 3 3 0.0

South Africa 369 305 334 378 360 270 250 270 250 283 265 -6.4

Sudan 231 244 300 298 306 298 310 300 310 320 320 0.0

Tunisia 43 45 74 114 148 189 163 147 235 142 128 -9.9

Other 112 113 114 121 156 169 182 38 40 40 40 0.0

Total Africa 14,898 14,728 15,144 14,660 14,229 14,094 15,877 15,824 16,781 16,683 16,743 0.4

Australia 2,868 2,945 2,841 2,765 2,606 2,454 2,553 2,174 2,325 2,068 2,025 -2.1

Bangladesh na na 19 20 21 21 21 17 20 17 16 -5.9

China 19,393 19,929 21,022 21,789 22,515 24,559 26,493 28,886 34,804 36,709 38,718 5.5

India 10,082 11,230 10,300 10,389 10,382 10,525 10,626 11,072 12,094 12,286 13,108 6.7

Indonesia 1,342 1,462 2,144 2,260 2,415 2,299 2,437 2,752 2,241 2,241 2,027 -9.5

Japan 4,249 4,246 3,941 4,066 3,573 4,443 4,302 5,663 5,353 5,377 4,811 -10.5

Malaysia 3,558 3,279 3,169 3,045 2,725 2,388 2,162 1,797 3,075 2,621 2,810 7.2

New Zealand 150 151 149 148 166 177 206 193 168 177 170 -4.0

Pakistan 489 551 431 386 423 398 440 629 650 677 784 15.8

Philippines 317 306 292 286 318 321 301 464 450 448 439 -2.0

Singapore 851 877 881 951 1,043 934 966 967 989 828 785 -5.2

South Korea 3,844 3,885 3,553 3,310 2,475 2,466 2,703 3,216 3,028 3,432 3,758 9.5

Sri Lanka na na 32 22 17 22 28 10 9 10 15 50.0

Taiwan 1,526 1,501 1,511 1,259 1,396 1,530 1,228 1,163 1,163 1,026 1,063 3.6

Thailand 4,149 4,248 4,406 5,422 5,687 5,447 5,506 5,513 5,719 6,056 6,247 3.2

Timor Leste 900 1,200 1,043 1,032 1,665 948 780 400 0 0 0 -

Vietnam 283 274 591 594 654 712 743 727 804 757 828 9.4

Other 64 61 64 49 50 49 52 54 55 55 56 1.8

Total Asia-Pacific 54,064 56,145 56,389 57,793 58,131 59,693 61,547 65,697 72,947 74,785 77,660 3.8

Total World 233,072 235,140 244,078 251,437 259,082 267,236 280,233 289,325 304,521 306,448 317,506 3.6




Availability to Local Market, 2018 ’000tProduction

Refinery Gas processing Total Imports Exports Consumption

US 9,912 66,253 76,165 5,178 35,106 46,223

Canada 1,237 12,629 13,866 526 5,495 8,763

Total North America 11,149 78,882 90,031 5,704 40,601 54,986

Argentina 1,054 1,573 2,627 0 910 1,656

Bolivia 101 384 485 0 96 389

Brazil 4,195 1,360 5,555 1,919 0 7,300

Chile 250 0 250 1,211 119 1,317

Colombia 327 224 551 75 22 603

Costa Rica 0 0 0 176 0 176

Cuba 16 0 16 113 0 145

Dominican Republic 11 0 11 1,017 0 1,017

Ecuador 218 0 218 940 0 1,127

El Salvador 0 0 0 304 0 304

Guatemala 0 0 0 530 145 391

Honduras 0 0 0 168 0 168

Jamaica 11 0 11 77 0 86

Mexico 333 3,671 4,004 4,952 29 8,752

Netherlands Antilles 37 0 37 0 31 6

Nicaragua 17 0 17 109 0 124

Panama 0 0 0 148 0 148

Paraguay 0 0 0 81 2 81

Peru 206 1,353 1,559 357 5 1,879

Puerto Rico 0 0 0 79 0 79

Trinidad & Tobago 63 387 450 0 412 39

Uruguay 93 0 93 21 0 112

US Virgin Islands 0 0 0 95 0 94

Venezuela 65 2,030 2,095 0 0 2,179

Other 50 67 117 140 70 245

Total South & C. America 7,047 11,049 18,096 12,512 1,841 28,417

Austria 447 0 447 62 85 426

Azerbaijan 184 20 204 0 52 127

Belarus 240 285 525 1,060 1,179 406

Belgium 863 0 863 2,127 672 2,278

Bulgaria 112 0 112 325 15 437

Croatia 215 40 255 41 153 127

Cyprus 0 0 0 53 0 54

Czech Republic 356 24 380 190 164 416

Denmark 121 0 121 20 87 57

Estonia 0 0 0 42 15 25

Finland 255 0 255 601 0 876

France 1,329 0 1,329 3,141 872 3,560

Germany 3,224 0 3,224 1,080 161 3,625

Greece 848 0 848 29 331 546

Hungary 100 75 175 444 87 522

Republic of Ireland 57 0 57 139 31 159

Italy 1,630 0 1,630 2,264 305 3,507




Kazakhstan 646 2,469 3,115 2 1,840 1,277

Latvia 0 0 0 227 142 86

Lithuania 296 0 296 82 235 142

Macedonia 0 0 0 80 2 78

Malta 0 0 0 25 0 25

Moldova 0 0 0 71 0 71

Montenegro 0 0 0 18 0 18

Netherlands 1,626 0 1,626 3,969 2,152 3,380

Norway 478 4,839 5,317 285 4,725 877

Poland 460 25 485 2,310 380 2,415

Portugal 195 0 195 547 65 676

Romania 617 0 617 226 315 517

Russia 4,600 12,090 16,690 0 6,705 10,255

Serbia 127 0 127 124 66 190

Slovakia 219 0 219 69 82 206

Slovenia 0 0 0 94 0 92

Spain 1,311 0 1,311 1,363 473 2,617

Sweden 498 0 498 1,121 571 1,049

Switzerland 129 0 129 62 21 170

Tajikistan 0 0 0 381 0 381

Turkey 1,082 0 1,082 3,306 110 4,311

Turkmenistan 280 150 430 0 220 209

Ukraine 93 310 403 1,425 0 1,828

UK 2,079 890 2,969 1,271 872 3,564

Uzbekistan 10 730 740 0 90 650

Other 101 135 236 55 80 212

Total Europe & Eurasia 24,828 22,082 46,910 28,731 23,355 52,444

Bahrain 71 154 225 0 152 73

Iran 2,171 5,563 7,734 0 4,462 3,265

Iraq 173 1,757 1,930 0 190 1,750

Israel 592 0 592 308 186 714

Jordan 80 0 80 367 0 454

Kuwait 283 5,297 5,580 0 4,995 586

Lebanon 0 0 0 266 0 266

Oman 328 287 615 0 386 218

Qatar 322 10,298 10,620 0 10,401 219

Saudi Arabia 1,341 27,662 29,003 0 9,269 19,734

Syria 61 76 137 245 0 382

UAE 1,039 10,104 11,143 0 9,479 1,664

Yemen 61 346 407 0 0 403

Other 0 0 0 186 0 186

Total Middle East 6,522 61,544 68,066 1,372 39,520 29,914

Algeria 658 8,314 8,972 0 6,617 2,237

Angola 27 810 837 70 622 285

Burkina Faso 0 0 0 77 4 74

Cameroon 16 9 25 91 0 114






Chad 20 0 20 10 0 35

Congo 9 0 9 9 0 15

Egypt 1,320 1,239 2,559 2,205 363 4,267

Ethiopia 0 0 0 10 0 10

Gabon 8 0 8 38 0 46

Ghana 8 214 222 175 3 394

Ivory Coast 16 6 22 311 1 332

Kenya 0 0 0 282 61 224

Libya 54 250 304 0 20 287

Mali 0 0 0 21 0 21

Mauritius 0 0 0 169 92 77

Morocco 0 0 0 2,592 0 2,599

Nigeria 79 2,930 3,009 0 2,229 780

Reunion 0 0 0 22 0 22

Senegal 3 0 3 159 10 152

South Africa 265 0 265 197 62 402

Sudan 320 0 320 210 0 537

Togo 0 0 0 20 0 20

Tunisia 19 109 128 442 0 573

Uganda 0 0 0 18 0 18

Other 40 0 40 225 0 265

Total Africa 2,862 13,881 16,743 7,353 10,084 13,786

Australia 633 1,392 2,025 449 1,261 1,330

Bangladesh 13 3 16 740 0 764

China 38,718 0 38,718 18,821 1,319 55,027

Hong Kong 0 0 0 339 0 339

India 11,094 2,014 13,108 11,862 332 24,642

Indonesia 865 1,162 2,027 5,461 100 7,388

Japan 4,811 0 4,811 10,920 266 15,226

Malaysia 965 1,845 2,810 650 356 3,219

Nepal 0 0 0 369 0 369

New Zealand 0 170 170 13 7 184

Pakistan 213 571 784 403 0 1,186

Philippines 439 0 439 1,316 0 1,755

Singapore 785 0 785 317 240 873

South Korea 3,758 0 3,758 6,628 411 9,346

Sri Lanka 15 0 15 461 0 462

Taiwan 1,063 0 1,063 1,710 79 2,660

Thailand 2,365 3,882 6,247 682 385 6,621

Timor Leste 0 0 0 0 0 0

Vietnam 407 421 828 1,445 301 2,118

Other 56 0 56 310 50 234

Total Asia-Pacific 66,200 11,460 77,660 62,896 5,107 133,743

Total World 118,608 198,898 317,506 118,568 120,508 313,290






ConSumPtion

LPG Consumption, 2008-18 ’000tCountry 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 ±% 17/18

US 39,794 40,748 42,355 40,863 41,994 46,368 42,726 42,035 41,493 43,256 46,223 6.9

Canada 6,639 6,624 6,667 7,327 7,716 6,876 6,857 6,671 7,681 7,989 8,763 9.7

Total North America 46,433 47,373 49,022 48,190 49,710 53,244 49,583 48,706 49,174 51,245 54,986 7.3

Argentina 1,654 1,723 1,643 1,561 1,778 2,026 1,988 1,750 1,775 1,672 1,656 -1.0

Bolivia 332 352 357 364 368 374 387 395 401 377 389 3.2

Brazil 6,496 6,716 6,741 7,126 7,145 7,410 7,428 7,308 7,400 7,390 7,300 -1.2

Chile 1,159 1,384 1,342 1,283 1,355 1,268 1,412 1,324 1,237 1,294 1,317 1.8

Colombia 640 644 621 602 567 553 600 598 630 630 603 -4.3

Costa Rica 103 112 115 117 120 127 137 146 159 168 176 4.8

Cuba 126 107 114 109 106 113 121 123 124 145 145 0.0

Dominican Republic 689 767 789 734 744 773 828 922 913 987 1,017 3.0

Ecuador 1,003 1,025 1,030 1,109 1,057 1,090 1,139 1,126 1,073 1,118 1,127 0.8

El Salvador 231 238 244 211 217 236 275 373 291 300 304 1.3

Guatemala 219 223 228 244 261 274 285 331 355 373 391 4.8

Honduras 54 72 75 81 104 114 119 139 144 159 168 5.7

Jamaica 78 76 78 82 85 78 73 79 89 92 86 -6.5

Mexico 9,803 9,533 9,183 9,077 9,119 8,988 9,070 8,800 8,947 8,976 8,752 -2.5

Netherlands Antilles 10 8 8 8 8 7 7 6 6 6 6 0.0

Nicaragua 68 73 75 75 83 95 98 105 117 125 124 -0.8

Panama 178 144 145 152 159 165 175 140 139 143 148 3.5

Paraguay 82 82 83 83 86 83 80 80 81 81 81 0.0

Peru 913 1,074 1,236 1,252 1,341 1,503 1,579 1,619 1,600 1,764 1,879 6.5

Puerto Rico 107 69 110 95 96 102 102 98 91 83 79 -4.8

Trinidad & Tobago 67 65 52 29 14 40 44 57 61 54 39 -27.8

Uruguay 105 120 113 116 122 133 124 118 120 111 112 0.9

US Virgin Islands na 20 20 20 20 20 20 25 50 88 94 6.8

Venezuela 3,069 2,989 3,022 3,715 3,813 4,105 4,385 4,649 4,529 2,723 2,179 -20.0

Other 179 180 182 194 198 218 211 220 224 232 245 5.6

Total South & C. America 27,364 27,794 27,606 28,439 28,966 29,895 30,687 30,531 30,556 29,091 28,417 -2.3

Austria 411 360 349 333 316 279 285 316 435 380 426 12.1

Azerbaijan 87 84 86 135 123 167 169 150 140 133 127 -4.5

Belarus 377 409 415 415 419 418 426 424 410 410 406 -1.0

Belgium 940 935 1,210 1,456 1,479 1,560 1,832 2,271 2,101 1,586 2,278 43.6

Bulgaria 339 322 314 335 339 387 411 432 441 447 437 -2.2

Croatia 200 205 163 150 147 146 139 140 145 132 127 -3.8

Cyprus 52 53 53 57 56 51 47 54 55 57 54 -5.3

Czech Republic 224 200 204 205 206 222 273 213 327 396 416 5.1

Denmark 66 60 53 51 50 48 48 50 54 58 57 -1.7

Estonia 13 13 18 20 18 18 17 18 19 23 25 8.7

Finland 763 704 725 718 720 757 946 873 915 840 876 4.3

France 3,646 3,727 3,759 3,375 3,373 3,680 3,986 3,826 3,566 3,438 3,560 3.5

Germany 3,145 3,163 3,258 3,141 3,289 3,384 2,846 2,956 3,083 4,478 3,625 -19.0

Greece 340 325 319 364 406 493 497 512 601 563 546 -3.0

Hungary 321 337 381 344 409 409 444 458 481 521 522 0.2




Ireland 129 129 131 125 121 135 133 136 145 148 159 7.4

Italy 3,728 3,771 3,621 3,539 3,446 3,551 3,309 3,525 3,637 3,624 3,507 -3.2

Kazakhstan 292 382 397 417 419 455 606 674 993 1,043 1,277 22.4

Latvia 53 48 47 55 73 85 93 97 91 92 86 -6.5

Lithuania 242 227 205 201 193 183 180 162 154 151 142 -6.0

Macedonia 48 59 63 58 56 58 63 71 78 76 78 2.6

Malta 22 22 24 23 24 24 25 26 24 24 25 4.2

Moldova 57 61 62 58 63 74 77 74 77 72 71 -1.4

Montenegro na na 18 18 17 14 16 18 17 19 18 -5.3

Netherlands 1,080 2,420 2,551 2,779 2,284 4,192 4,927 3,970 3,626 3,108 3,380 8.8

Norway 954 943 931 848 885 872 776 715 722 692 877 26.7

Poland 2,173 2,185 2,236 2,152 2,145 2,117 2,160 2,245 2,355 2,495 2,415 -3.2

Portugal 821 827 735 700 589 823 996 843 865 796 676 -15.1

Romania 454 459 458 485 555 555 541 529 541 540 517 -4.3

Russia 8,693 9,159 9,028 9,463 9,738 9,548 10,007 9,657 10,175 10,290 10,255 -0.3

Serbia 178 347 373 392 367 362 295 310 281 219 190 -13.2

Slovakia 137 153 159 173 153 156 124 160 158 166 206 24.1

Slovenia 81 82 83 80 83 75 74 82 81 88 92 4.5

Spain 2,665 2,634 2,519 2,394 2,267 2,174 2,333 2,578 2,865 2,538 2,617 3.1

Sweden 748 774 830 953 819 1,125 969 911 1,131 1,005 1,049 4.4

Switzerland 200 175 193 176 173 178 189 189 187 155 170 9.7

Tajikistan na na 90 130 171 225 296 336 349 360 381 5.8

Turkey 3,692 3,698 3,741 3,747 3,826 3,808 3,856 4,131 4,268 4,243 4,311 1.6

Turkmenistan 8 8 8 10 10 10 10 10 197 229 209 -8.7

Ukraine 702 781 798 839 837 949 1,055 1,140 1,488 1,603 1,828 14.0

UK 4,171 3,732 3,349 3,313 2,876 3,117 2,994 3,144 3,158 2,969 3,564 20.0

Uzbekistan na na 235 246 246 272 277 449 590 640 650 1.6

Other 379 363 363 348 347 336 238 225 217 216 212 -1.9

Total Europe & Eurasia 42,631 44,338 44,555 44,821 44,133 47,492 48,985 49,100 51,243 51,063 52,444 2.7

Bahrain 45 42 48 49 55 55 58 60 64 69 73 5.8

Iran 3,262 2,710 3,536 3,300 3,262 3,281 3,116 3,243 3,135 3,165 3,265 3.2

Iraq 1,418 1,580 1,479 1,605 1,704 1,825 1,668 1,700 1,610 1,720 1,750 1.7

Israel 547 787 604 659 689 651 644 675 693 733 714 -2.6

Jordan 325 321 312 378 378 363 367 415 417 434 454 4.6

Kuwait 299 130 335 350 340 352 362 364 162 548 586 6.9

Lebanon 161 148 164 197 244 270 247 258 267 261 266 1.9

Oman 86 149 86 102 121 141 168 181 192 207 218 5.3

Qatar 531 660 584 668 817 867 926 971 937 217 219 0.9

Saudi Arabia 13,920 11,110 16,774 18,306 20,098 18,973 20,625 19,644 21,810 18,583 19,734 6.2

Syria 538 839 876 837 600 516 471 456 456 400 382 -4.5

UAE 740 1,010 721 775 753 865 875 1,447 1,579 1,649 1,664 0.9

Yemen 713 740 715 567 649 669 590 595 506 455 403 -11.4

Other 42 42 42 43 48 50 51 50 54 169 186 10.1

Total Middle East 22,627 20,268 26,276 27,836 29,758 28,878 30,168 30,059 31,882 28,610 29,914 4.6

ConSumPtion






Algeria 1,883 1,883 1,972 1,998 2,112 2,065 1,943 1,918 1,897 1,983 2,237 12.8

Angola 168 192 174 191 254 266 247 259 239 274 285 4.0

Burkina Faso na na 29 36 43 50 54 58 63 69 74 7.2

Cameroon na na 50 57 70 82 87 94 102 105 114 8.6

Chad na na 3 7 8 8 10 17 26 28 35 25.0

Congo na na na na na na na 11 12 13 15 15.4

Egypt 4,101 4,236 4,375 4,324 4,246 4,433 4,510 4,488 4,444 4,369 4,267 -2.3

Ethiopia na na 5 5 6 6 7 9 8 9 10 11.1

Gabon na na 29 31 33 35 37 37 38 43 46 7.0

Ghana 158 174 176 215 262 243 241 280 267 356 394 10.7

Ivory Coast 115 126 127 127 189 213 245 271 280 319 332 4.1

Kenya 72 85 88 97 107 120 133 148 174 192 224 16.7

Libya 321 329 331 296 293 321 303 264 282 278 287 3.2

Mali na na 5 6 8 11 5 12 13 18 21 16.7

Mauritius 66 66 66 71 66 69 71 73 74 75 77 2.7

Morocco 1,653 1,806 1,922 1,997 2,137 2,186 2,277 2,380 2,494 2,500 2,599 4.0

Nigeria 93 112 122 142 159 193 201 350 450 650 780 20.0

Reunion 23 21 23 20 22 20 20 20 21 21 22 4.8

Senegal 123 122 115 107 101 103 106 127 139 143 152 6.3

South Africa 301 334 335 380 350 340 349 359 360 386 402 4.1

Sudan 278 294 301 380 410 453 472 475 478 507 537 5.9

Togo na na na na na na na 15 17 18 20 11.1

Tunisia 464 477 477 473 485 511 509 529 528 559 573 2.5

Uganda na 8 9 10 11 12 13 14 14 16 18 12.5

Other 267 261 261 254 271 269 215 227 250 250 265 6.0

Total Africa 10,085 10,527 10,995 11,224 11,643 12,009 12,055 12,435 12,670 13,181 13,786 4.6

Australia 2,421 2,329 2,350 2,062 1,973 1,768 1,645 1,573 1,500 1,290 1,330 3.1

Bangladesh 50 65 70 77 79 83 108 148 343 518 764 47.5

China 24,090 25,654 23,469 24,256 24,842 27,884 32,594 39,312 48,411 52,316 55,027 5.2

Hong Kong 386 390 398 400 392 390 403 373 371 337 339 0.6

India 13,128 14,126 14,681 15,881 16,317 16,527 18,343 19,780 22,041 23,762 24,642 3.7

Indonesia 2,858 3,122 3,761 4,347 5,032 5,608 6,094 6,400 6,667 7,192 7,388 2.7

Japan 16,880 16,856 16,412 16,656 16,781 16,368 15,930 16,450 16,046 15,576 15,226 -2.2

Malaysia 2,091 2,613 2,685 2,658 2,658 2,710 2,419 2,073 3,116 3,160 3,219 1.9

Nepal 135 138 141 159 181 207 232 252 287 332 369 11.1

New Zealand 153 154 144 137 150 144 152 163 167 179 184 2.8

Pakistan 505 477 491 476 487 522 566 868 1,124 1,179 1,186 0.6

Philippines 1,037 1,104 1,090 1,113 1,091 1,107 1,140 1,306 1,458 1,599 1,755 9.8

Singapore 716 768 790 787 781 777 764 762 875 721 873 21.1

South Korea 8,498 8,805 9,316 9,177 8,667 8,338 8,176 7,794 9,386 8,986 9,346 4.0

Sri Lanka 206 208 185 205 211 220 243 291 346 424 462 9.0

Taiwan 2,223 2,554 2,433 2,428 2,162 2,890 2,991 2,621 3,111 2,504 2,660 6.2

Thailand 4,566 5,189 5,987 6,891 7,387 7,527 7,516 6,695 6,136 6,341 6,621 4.4

Vietnam 1,200 1,272 1,310 1,258 1,212 1,307 1,316 1,550 1,751 1,979 2,118 7.0

Other 148 161 164 152 152 165 176 213 210 220 234 6.4

Total Asia-Pacific 78,871 85,988 85,877 89,120 90,555 94,542 100,808 108,624 123,346 128,615 133,743 4.0

Total World 228,011 236,288 244,331 249,630 254,765 266,061 272,286 279,455 298,871 301,805 313,290 3.8

ConSumPtion




ConSumPtion

LPG Consumption for Energy Purposes Only, 2010-18 ’000t

2010 2011 2012 2013 2014 2015 2016 2017 2018

US 21,336 18,328 15,968 19,054 18,698 17,749 17,910 17,811 19,995

Canada 2,587 2,868 3,341 2,788 2,580 2,520 2,618 2,743 2,764

Total North America 23,923 21,196 19,309 21,842 21,278 20,269 20,528 20,554 22,759

Argentina 1,600 1,518 1,733 1,980 1,940 1,701 1,725 1,622 1,606

Bolivia 357 364 368 374 387 395 401 377 389

Brazil 6,727 7,114 7,145 7,340 7,423 7,308 7,400 7,390 7,300

Chile 1,273 1,228 1,344 1,231 1,398 1,310 1,237 1,281 1,304

Colombia 621 602 567 553 600 598 581 578 583

Costa Rica 115 117 120 127 137 146 159 168 176

Cuba 114 109 106 113 121 123 124 145 145

Dominican Republic 789 734 744 773 828 922 913 987 1,017

Ecuador 1,000 1,077 1,026 1,067 1,110 1,096 1,060 1,104 1,113

El Salvador 244 211 217 236 275 373 291 300 304

Guatemala 228 244 261 274 285 331 355 373 391

Honduras 75 81 104 114 119 139 144 159 168

Jamaica 78 82 85 78 73 79 89 92 86

Mexico 9,183 9,077 9,119 8,988 9,070 8,800 8,947 8,908 8,682

Netherlands Antilles 8 8 8 7 7 6 6 6 6

Nicaragua 74 74 81 91 94 101 113 121 120

Panama 145 152 159 165 175 140 139 143 148

Paraguay 83 83 86 83 80 80 81 81 81

Peru 1,236 1,252 1,341 1,503 1,579 1,619 1,600 1,764 1,879

Puerto Rico 110 95 96 102 102 98 91 83 79

Trinidad & Tobago 52 29 14 40 44 57 61 54 39

Uruguay 113 116 122 133 124 118 120 111 112

US Virgin Islands 20 20 20 20 20 25 50 88 94

Venezuela 1,675 1,498 1,605 1,513 1,400 1,460 1,376 916 733

Other 182 194 198 218 211 220 224 232 245

Total South & C. America 26,102 26,079 26,669 27,123 27,602 27,245 27,287 27,083 26,800

0

Austria 161 138 122 99 101 90 80 84 83

Azerbaijan 81 75 69 63 55 42 47 14 17

Belarus 276 276 280 279 286 283 270 270 266

Belgium 327 354 337 335 375 217 216 184 170

Bulgaria 314 335 339 387 411 432 441 447 437

Croatia 163 150 144 144 139 140 145 132 127

Cyprus 53 57 56 51 47 54 55 57 54

Czech Republic 108 106 104 102 109 121 172 166 158

Denmark 53 51 50 48 48 50 54 58 57

Estonia 18 20 18 18 17 18 19 23 25

Finland 271 278 212 253 266 273 277 263 267

France 2,377 1,985 2,007 1,978 1,710 1,791 1,769 1,756 1,691

Germany 1,810 1,721 1,783 1,844 1,730 1,589 1,722 1,679 1,775

Greece 294 352 370 416 456 471 506 507 515

Hungary 162 134 154 151 169 161 170 173 166

Ireland 131 125 121 135 133 136 145 148 159

Italy 3,382 3,205 3,138 3,280 3,079 3,253 3,355 3,361 3,265




ConSumPtion

Kazakhstan 397 417 419 455 606 674 993 1,043 1,277

Latvia 47 55 73 85 93 97 91 92 86

Lithuania 205 201 193 183 180 162 154 151 142

Macedonia 63 58 56 58 63 71 78 76 78

Malta 24 23 24 24 25 26 24 24 25

Moldova 62 58 63 74 77 74 77 72 71

Montenegro 18 18 17 14 16 28 17 19 18

Netherlands 501 449 454 442 325 321 316 303 293

Norway 164 175 184 192 173 161 184 181 239

Poland 2,236 2,152 2,145 2,117 2,160 2,245 2,355 2,495 2,415

Portugal 670 611 574 557 542 518 512 473 402

Romania 418 444 507 515 499 487 499 500 475

Russia 3,470 3,842 4,051 3,967 4,114 4,600 4,385 4,490 4,530

Serbia 366 385 361 362 295 310 246 193 165

Slovakia 41 49 57 56 47 50 51 49 48

Slovenia 83 80 83 75 74 82 81 88 92

Spain 1,819 1,661 1,575 1,529 1,410 1,430 1,540 1,518 1,448

Sweden 332 377 342 352 347 338 346 356 340

Switzerland 113 100 90 86 77 76 80 74 76

Tajikistan 90 130 171 225 296 336 349 360 381

Turkey 3,671 3,677 3,754 3,737 3,785 3,966 4,103 4,078 4,146

Turkmenistan 8 10 10 10 10 10 11 12 12

Ukraine 798 839 837 949 1,055 1,140 1,488 1,603 1,725

UK 1,146 1,051 1,107 1,077 987 1,061 1,073 1,036 1,065

Uzbekistan 235 246 246 272 277 449 590 640 650

Other 363 348 347 336 238 225 217 217 213

Total Europe & Eurasia 27,321 26,818 27,044 27,332 26,902 28,058 29,303 29,465 29,644

0

Bahrain 48 49 55 55 58 60 64 69 73

Iran 2,482 2,246 2,208 2,227 2,059 2,020 1,954 1,942 1,999

Iraq 1,479 1,605 1,704 1,825 1,668 1,700 1,610 1,720 1,750

Israel 434 434 449 439 444 425 435 436 432

Jordan 312 378 378 363 367 415 417 434 454

Kuwait 124 139 129 141 141 141 162 165 170

Lebanon 164 197 244 270 247 258 267 261 266

Oman 86 102 121 141 168 181 192 207 218

Qatar 92 99 105 109 113 113 134 137 139

Saudi Arabia 1,357 1,577 1,410 1,315 1,309 1,390 1,544 1,450 1,402

Syria 876 837 600 516 471 456 456 400 382

United Arab Emirates 201 245 203 312 326 344 380 361 366

Yemen 715 567 649 669 590 595 506 455 403

Other 42 43 48 50 51 50 54 169 186

Total Middle East 8,412 8,518 8,303 8,432 8,012 8,148 8,175 8,206 8,240

Algeria 1,972 1,998 2,112 2,046 1,895 1,897 1,882 1,970 2,224

Angola 174 191 254 266 247 259 239 274 285

Burkina Faso 29 36 43 50 54 58 63 69 74

Cameroon 50 57 70 82 87 94 102 105 114


2010 2011 2012 2013 2014 2015 2016 2017 2018




ConSumPtion

Chad 3 7 8 8 10 17 26 28 35

Congo na na na na 54 11 12 13 15

Egypt 4,375 4,324 4,246 3,936 3,922 3,913 3,787 3,666 3,537

Ethiopia 5 5 6 6 7 9 8 9 10

Gabon 29 31 33 35 37 37 38 43 46

Ghana 176 215 262 243 241 280 267 356 394

Ivory Coast 127 127 189 213 245 271 280 319 332

Kenya 88 97 107 120 133 148 174 192 224

Libya 331 296 293 321 303 264 282 278 287

Mali 5 6 8 11 5 12 13 18 21

Mauritius 66 71 66 69 71 73 74 75 77

Morocco 1,922 1,997 2,137 2,186 2,277 2,380 2,494 2,500 2,599

Nigeria 110 120 140 160 190 350 450 650 780

Reunion 23 20 22 20 20 20 21 21 22

Senegal 115 107 101 103 106 127 139 143 152

South Africa 335 380 350 340 349 359 360 386 402

Sudan and South Sudan 301 380 410 453 472 475 478 507 537

Togo na na na na na 15 17 18 20

Tunisia 477 473 485 511 509 529 528 559 573

Uganda 9 10 11 12 13 14 14 16 18

Other 261 254 271 269 215 227 250 250 265

Total Africa 10,983 11,202 11,624 11,460 11,462 11,841 11,998 12,465 13,043

Australia 2,093 1,803 1,710 1,540 1,444 1,323 1,276 1,190 1,157

Bangladesh 70 77 79 83 108 148 343 518 764

China 20,299 20,924 20,940 23,344 26,583 29,816 33,311 34,870 37,270

Hong Kong 398 400 392 390 403 373 371 337 339

India 14,009 15,209 15,645 15,855 17,671 19,040 21,232 22,992 23,872

Indonesia 3,761 4,347 5,032 5,608 6,094 6,400 6,667 7,192 7,388

Japan 10,367 12,498 12,661 11,724 11,423 11,738 11,487 11,185 10,848

Malaysia 1,418 1,469 1,353 1,479 1,360 1,304 1,281 1,357 1,357

Nepal 141 159 181 207 232 252 287 332 369

New Zealand 144 137 150 144 152 163 167 179 184

Pakistan 491 476 487 522 566 868 1,124 1,179 1,186

Philippines 1,090 1,113 1,091 1,107 1,140 1,306 1,458 1,599 1,755

Singapore 141 138 132 128 115 113 106 106 104

South Korea 7,004 7,215 7,064 6,958 6,336 6,030 6,073 6,047 5,743

Sri Lanka 185 205 211 220 243 291 346 424 462

Taiwan 1,614 1,503 1,412 1,389 1,369 1,355 1,337 1,331 1,205

Thailand 3,893 4,294 4,722 4,788 4,739 4,418 4,188 4,123 4,023

Vietnam 1,310 1,258 1,212 1,307 1,316 1,550 1,751 1,979 2,118

Other 164 152 152 165 176 213 210 220 234

Total Asia-Pacific 68,592 73,377 74,626 76,958 81,470 86,701 93,015 97,160 100,378

-

Total World 165,333 167,190 167,575 173,148 176,726 182,262 190,306 194,933 200,864

Note: Energy purposes includes domestic, agriculture, industrial, and transport sectors.


2010 2011 2012 2013 2014 2015 2016 2017 2018




LPG Consumption by sector, 2018 ’000tDomestic Agriculture Industry Transport Refinery Chemical Total

US 15,344 1,948 2,520 183 11,355 14,873 46,223

Canada 1,113 192 1,213 246 1,218 4,781 8,763

Total North America 16,457 2,140 3,733 429 12,573 19,654 54,986

Argentina 1,340 82 180 4 0 50 1,656

Bolivia 379 0 10 0 0 0 389

Brazil 5,280 0 2,020 0 0 0 7,300

Chile 994 0 277 33 13 0 1,317

Colombia 462 0 121 0 20 0 603

Costa Rica 91 0 70 15 0 0 176

Cuba 131 0 14 0 0 0 145

Dominican Republic 507 0 65 445 0 0 1,017

Ecuador 1,004 19 82 8 14 0 1,127

El Salvador 203 0 100 1 0 0 304

Guatemala 309 0 78 4 0 0 391

Honduras 75 0 16 77 0 0 168

Jamaica 83 0 3 0 0 0 86

Mexico 5,053 98 2,238 1,293 70 0 8,752

Netherlands Antilles 6 0 0 0 0 0 6

Nicaragua 51 1 68 0 4 0 124

Panama 105 0 43 0 0 0 148

Paraguay 72 0 1 8 0 0 81

Peru 1,098 0 244 537 0 0 1,879

Puerto Rico 70 0 9 0 0 0 79

Trinidad & Tobago 39 0 0 0 0 0 39

Uruguay 91 6 15 0 0 0 112

US Virgin Islands 10 0 84 0 0 0 94

Venezuela 607 0 126 0 1,446 0 2,179

Other 245 0 0 0 0 0 245

Total South & C. America 18,305 206 5,864 2,425 1,567 50 28,417

Austria 42 4 27 10 6 337 426

Azerbaijan 6 0 1 10 0 110 127

Belarus 80 8 10 168 110 30 406

Belgium 110 1 9 50 0 2,108 2,278

Bulgaria 20 2 20 395 0 0 437

Croatia 48 2 10 67 0 0 127

Cyprus 34 1 18 1 0 0 54

Czech Republic 37 4 26 91 0 258 416

Denmark 19 4 33 1 0 0 57

Estonia 9 2 5 9 0 0 25

Finland 6 0 261 0 0 609 876

France 1,063 326 247 55 0 1,869 3,560

Germany 615 0 750 410 65 1,785 3,625

Greece 91 20 138 266 31 0 546

Hungary 83 22 38 23 0 356 522

ConSumPtion




ConSumPtion

Ireland 39 0 118 2 0 0 159

Italy 1,416 18 216 1,615 19 223 3,507

Kazakhstan 270 7 26 974 0 0 1,277

Latvia 15 2 18 51 0 0 86

Lithuania 32 2 9 99 0 0 142

Macedonia 14 0 10 54 0 0 78

Malta 17 0 7 1 0 0 25

Moldova 3 0 1 67 0 0 71

Montenegro 3 0 7 8 0 0 18

Netherlands 39 21 96 137 17 3,070 3,380

Norway 2 6 231 1 14 623 877

Poland 255 100 225 1,835 0 0 2,415

Portugal 316 4 46 36 4 270 676

Romania 167 10 18 280 42 0 517

Russia 1,030 120 230 3,150 1,070 4,655 10,255

Serbia 42 2 19 102 0 25 190

Slovakia 11 1 6 30 0 158 206

Slovenia 42 0 38 12 0 0 92

Spain 1,188 38 160 62 0 1,169 2,617

Sweden 16 1 322 1 0 709 1,049

Switzerland 16 5 53 2 1 93 170

Tajikistan 40 2 2 337 0 0 381

Turkey 750 0 113 3,283 0 165 4,311

Turkmenistan 11 1 0 0 197 0 209

Ukraine 25 32 30 1,638 0 103 1,828

United Kingdom 259 84 663 59 0 2,499 3,564

Uzbekistan 400 0 2 248 0 0 650

Other 164 1 37 10 0 0 212

Total Europe & Eurasia 8,845 853 4,296 15,650 1,576 21,224 52,444

Bahrain 73 0 0 0 0 0 73

Iran 1,962 0 32 5 0 1,266 3,265

Iraq 1,750 0 0 0 0 0 1,750

Israel 234 13 177 8 0 282 714

Jordan 443 0 11 0 0 0 454

Kuwait 170 0 0 0 0 416 586

Lebanon 234 0 32 0 0 0 266

Oman 174 0 44 0 0 0 218

Qatar 139 0 0 0 0 80 219

Saudi Arabia 1,090 0 312 0 0 18,332 19,734

Syria 382 0 0 0 0 0 382

UAE 346 0 20 0 0 1,298 1,664

Yemen 348 0 0 55 0 0 403

Other 174 0 12 0 0 0 186

Total Middle East 7,519 13 640 68 0 21,674 29,914






Algeria 1,462 18 94 650 13 0 2,237

Angola 269 0 16 0 0 0 285

Burkina Faso 74 0 0 0 0 0 74

Cameroon 111 0 3 0 0 0 114

Chad 35 0 0 0 0 0 35

Congo 15 0 0 0 0 0 15

Egypt 3,517 0 20 0 0 730 4,267

Ethiopia 10 0 0 0 0 0 10

Gabon 46 0 0 0 0 0 46

Ghana 187 1 106 100 0 0 394

Ivory Coast 282 0 50 0 0 0 332

Kenya 200 0 24 0 0 0 224

Libya 259 0 28 0 0 0 287

Mali 21 0 0 0 0 0 21

Mauritius 51 0 23 3 0 0 77

Morocco 2,260 80 259 0 0 0 2,599

Nigeria 780 0 0 0 0 0 780

Reunion 19 0 3 0 0 0 22

Senegal 146 0 6 0 0 0 152

South Africa 203 0 199 0 0 0 402

Sudan 519 0 18 0 0 0 537

Togo 20 0 0 0 0 0 20

Tunisia 538 0 24 11 0 0 573

Uganda 15 0 3 0 0 0 18

Other 265 0 0 0 0 0 265

Total Africa 11,304 99 876 764 13 730 13,786

Australia 159 0 633 365 0 173 1,330

Bangladesh 650 0 99 15 0 0 764

China 29,672 89 6,759 750 8,005 9,752 55,027

Hong Kong 71 0 5 263 0 0 339

India 21,018 7 2,425 422 0 770 24,642

Indonesia 7,077 0 310 1 0 0 7,388

Japan 7,489 0 2,703 656 2,360 2,018 15,226

Malaysia 611 0 746 0 0 1,862 3,219

Nepal 369 0 0 0 0 0 369

New Zealand 73 2 106 3 0 0 184

Pakistan 604 0 513 69 0 0 1,186

Philippines 1,305 0 392 58 0 0 1,755

Singapore 23 0 81 0 0 769 873

South Korea 1,684 0 966 3,093 0 3,603 9,346

Sri Lanka 376 3 82 1 0 0 462

Taiwan 876 0 304 25 106 1,349 2,660

Thailand 2,164 2 687 1,170 102 2,496 6,621

Vietnam 1,243 0 863 12 0 0 2,118

Other 220 0 8 6 0 0 234

Total Asia-Pacific 75,684 103 17,682 6,909 10,573 22,792 133,743

Total World 138,114 3,414 33,091 26,245 26,302 86,124 313,290

ConSumPtion




LPG ReGionaL ShaRe of maRket SubSectoRS, 2018

Domestic

North America10.4%

S. & C. America14.4%

Europe & Eurasia6.9%

Middle East5.5%

Africa8.2%

Asia-Pacific54.7%

agriculture

North America59.3%

S. & C. America7.1%


Middle East0.4%

Africa3.0%

Asia-Pacific2.7%

industry

North America10.0%



Middle East2.1%Africa

2.2%

Asia-Pacific54.1%

transport

North America3.5% S. & C. America

7.9%


Middle East0.3%

Africa2.6%

Asia-Pacific28.7%

Refinery�

North America31.0%



Africa0.1%

Asia-Pacific50.2%

chemical

North America22.2%

S. & C. America0.6%


Middle East29.4%

Africa0.8%

Asia-Pacific23.9%




0 10 20 30 40 50 60 70

US

Canada

Argentina

Brazil

Chile

Colombia

Dominican Republic

Ecuador

Mexico

Peru

France

Germany

Hungary

Italy

Kazakhstan

Netherlands

Poland

Romania

Russia

Spain

Turkey

Ukraine

United Kingdom

Iran

Israel

Qatar

Saudi Arabia

UAE

Algeria

Egypt

Morocco

Nigeria

South Africa

Tunisia

Australia

China

India

Indonesia

Japan

Malaysia

Pakistan

Philippines

South Korea

Thailand

Vietnam

Domestic LPG consumption per person for selected countries, 2018 (kg/person)




AutoGAS

Autogas Consumption, Vehicles and Dispensing SitesConsumption (’000t) Vehicle fleet Retail sites

2017 2018 ±% 17/18 2017 2018 2017 2018

US 171 183 7.0 146,634 155,108 3,700 3,800

Canada 247 246 -0.4 53,000 54,000 2,200 2,250

Total North America 418 429 2.6 199,634 209,108 5,900 6,050

Chile 33 33 0.0 23,064 23,491 200 205

Costa Rica 13 15 15.4 8,500 9,200 100 110

Dominican Republic 432 445 3.0 220,000 225,000 1,550 1,550

Ecuador 8 8 0.0 4,800 4,800 20 20

Guatemala 4 4 0.0 5,500 5,500 22 22

Honduras 73 77 5.5 58,000 61,000 190 200

Mexico 1,307 1,293 -1.1 430,000 420,000 2,150 2,150

Paraguay 8 8 0.0 11,000 11,000 25 35

Peru 501 537 7.2 240,000 240,000 800 800

Total South & C. America 2,382 2,425 1.8 1,003,864 1,003,991 5,077 5,122

Austria 11 10 -9.1 6,500 6,000 45 48

Azerbaijan 7 10 42.9 6,000 9,000 130 130

Belarus 170 168 -1.2 100,000 100,000 310 310

Belgium 54 50 -7.4 26,907 25,900 520 424

Bulgaria 405 395 -2.5 500,000 490,000 2,800 2,800

Croatia 71 67 -5.6 85,000 83,000 550 521

Czech Republic 94 91 -3.2 180,000 175,000 922 936

Denmark 1 1 0.0 20 20 4 4

Estonia 7 9 28.6 6,000 7,500 60 80

France 64 55 -14.1 197,631 194,810 1,610 1,600

Germany 367 410 11.7 421,000 395,600 7,100 7,100

Greece 260 266 2.3 295,000 300,000 950 1,150

Hungary 24 23 -4.2 25,000 24,000 600 561

Ireland 2 2 0.0 4,000 3,500 47 45

Italy 1,667 1,615 -3.1 2,309,020 2,409,840 3,979 4,120

Kazakhstan 730 974 33.4 220,000 308,000 1,480 1,550

Latvia 54 51 -5.6 53,800 52,300 240 240

Lithuania 106 99 -6.6 95,000 95,000 390 390

Macedonia 52 54 3.8 18,000 19,000 220 220

Malta 1 1 0.0 1,400 1,500 6 6

Moldova 68 67 -1.5 60,000 60,000 512 556

Montenegro 9 8 -11.1 6,500 6,200 40 40

Netherlands 148 137 -7.4 155,943 144,247 1,550 1,430

Norway 1 1 0.0 1,500 1,500 99 94

Poland 1,915 1,835 -4.2 3,082,000 3,135,000 6,287 7,432

Portugal 36 36 0.0 55,000 55,000 355 376

Romania 300 280 -6.7 220,000 210,000 1,400 1,200

Russia 3,100 3,150 1.6 3,000,000 3,000,000 4,900 4,900

Serbia 117 102 -12.8 165,000 145,000 650 615

Slovakia 31 30 -3.2 16,500 16,000 330 360

Slovenia 13 12 -7.7 15,000 14,000 128 136

Spain 51 62 21.6 65,000 80,000 1,050 1,100

Sweden 1 1 0.0 80 80 25 25

Switzerland 2 2 0.0 1,000 1,000 64 61

Tajikistan 316 337 6.6 200,000 210,000 400 400




Turkey 3,116 3,283 5.4 4,616,842 4,695,717 10,297 10,390

Ukraine 1,513 1,638 8.3 2,000,000 2,250,000 4,500 5,000

United Kingdom 68 59 -13.2 120,000 110,000 1,250 1,150

Uzbekistan 278 248 -10.8 360,000 349,000 1,000 1,000

Other 10 10 0.0 11,000 11,000 120 120

Total Europe & Eurasia 15,241 15,650 2.7 18,701,793 19,193,914 56,924 58,626

Iran 5 5 0 5,000 5,000 80 80

Israel 8 8 0.0 20,000 20,000 100 100

Yemen 63 55 -12.7 55,000 50,000 200 200

Total Middle East 76 68 -10.5 80,000 75,000 380 380

Algeria 457 650 42.2 250,000 320,000 600 750

Mauritius 3 3 0.0 7,000 7,000 6 6

Tunisia 11 11 0.0 10,500 10,500 22 22

Total Africa 571 764 33.8 267,500 337,500 628 778

Australia 428 365 -14.7 320,000 290,000 2,000 1,700

Bangladesh 10 15 50.0 4,000 6,000 20 15

China 840 750 -10.7 168,000 160,000 550 560

Hong Kong 262 263 0.4 18,000 18,000 67 67

India 399 422 5.8 2,320,000 2,380,000 1,300 1,350

Indonesia 1 1 0.0 1,000 1,000 28 28

Japan 728 656 -9.9 200,114 182,519 1,406 1,404

Nepal 0 0 - 0 0 0 0

New Zealand 5 3 -40.0 4,500 3,500 180 180

Pakistan 67 69 3.0 36,000 36,000 270 270

Philippines 57 58 1.8 25,000 24,000 170 170

South Korea 3,323 3,093 -6.9 2,122,484 2,052,870 1,967 1,964

Sri Lanka 1 1 0.0 1,000 1,000 10 10

Taiwan 32 25 -21.9 15,000 13,000 55 50

Thailand 1,320 1,170 -11.4 1,150,000 982,050 1,982 1,850

Vietnam 12 12 0.0 12,000 12,000 65 65

Other 6 6 0.0 5,000 6,000 50 55

Total Asia-Pacific 7,491 6,909 -7.8 6,402,098 6,167,939 10,120 9,738

Total World 26,179 26,245 0.3 26,654,889 26,987,452 79,029 80,694

Autogas demand by region mn t

0

5

10

15

20

25

30

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Global Asia-Pacific Africa Middle East

Europe & Eurasia S. & C. America North America

Autogas consumption top 10 Turkey

12%

Russia12%

South Korea11%

Poland7%Ukraine

6%Italy6%

Mexico5%

Thailand4%

Kazakhstan4%

China3%

Other30%

AutoGAS

Autogas Consumption, Vehicles and Dispensing SitesConsumption (’000t) Vehicle fleet Retail sites

2017 2018 ±% 17/18 2017 2018 2017 2018



| 29 Statistical Review of Global LPG

TRADE, INFRASTRUCTURE AND SHIPPING

Regional LPG exports and imports, 2008-18

2008 2018

Imports Exports Imports Exports

North America 11,341 6,523 5,704 40,601

South and Central America 5,950 4,403 12,512 1,841

Europe and Eurasia 18,001 18,871 28,731 23,355

Middle East 1,494 27,229 1,372 39,520

Africa 3,813 10,454 7,353 10,084

Asia-Pacifi c 29,382 6,694 62,896 5,107

Total 69,981 74,174 118,568 120,508

Regional LPG Trade Flows

— Showing selected annual import/export changes in 2018 for trade

USExports: +12pcImports: +9pc

MexicoImports: +5pc

BrazilImports: +6pc

ArgentinaExports: +17pc

EuropeExports: +8pcImports: +2pc

RussiaExports: +5pc

China Imports: +2pcExports: 0pc

Qatar, Saudi Arabia & UAEExports: +4pc

India Imports: +2pc

IndonesiaImports: +22pc

AustraliaExports: +5pc

NigeriaExports: -6pc

AlgeriaExports: -3pc

South KoreaImports: 7pc

JapanImports: 2pc




LPG shippingRates on the very large gas carrier (VLGC) benchmark Mid-east Gulf to Japan route remained in the doldrums in 2018, averaging $34/t, which although a $5/t increase on 2017, still represented a challenging environment for the shipping market. But with growth in the sector beginning to slow, and 2019 showing much stronger rates, this increase marked the beginning of an upward trajectory.

12 month time charter rates were higher in all sectors, but did not reach the levels of 2016 as the market took time to adjust. Capacities in all sectors were up slightly on 2017, though the most marked changed was in the fully refriger-ated segment, which broke 27mn m³ for the first time. While this helped to keep a lid on prices — with increasing export availability from the US and Mideast Gulf — and higher im-port requirements in south and east Asia, additional capacity is largely in line with market needs.

The US-Asia trade route was responsible for the largest share of LPG movements across the year, with the bulk of that

trade using the Panama Canal route, resulting in a reduc-tion of 20 days sailing time compared with the Cape of Good Hope route. Fees for the crossing are under review at pres-ent, and combined with the spectre of the IMO’s new sulphur regulations, it is likely that the shipping landscape will evolve significantly as we move into the next decade. LPG itself is expected to be used as a bunker fuel by a number of VLGCs in the sector, as companies look to mitigate the impact of the new regulations.

LPG shipping fleet capacity by type 2018 ’000m³

Type Number of vessels Capacity

Semi-refrigerated 364 4,029

Fully refrigerated 409 27,214

Pressurised 708 2,388

— Clarksons

Shipping freight rates 2008-18 $/t

Spot freight rates 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

AG-Japan 42 22 35 55 55 59 91 90 29 29 34

Assessed 12 Month Timecharter Rates

84,000m³ 669 494 565 781 917 944 1,575 1,919 750 554 607

59,000m³ (57,000-59,000m³ until 2009) 889 627 614 720 886 976 1,394 1,887 747 509 546

22,500m³ (22,500-24,000m³ until 2011) 830 570 469 637 728 774 844 862 643 374 423

— Clarksons




LookinG to the futuRe

� Argus forecasts global LPG supply length to continue over the coming decade and beyond, as exploitation of conven-tional natural gas fields, further developments in shale gas and new LNG projects all result in incremental LPG availabil-ity across the globe. LPG produced at refineries will increase, but at a markedly lower rate.

� Global LPG production in 2030 is forecast to reach just un-der 376mn t/yr, up from 308mn t/yr in 2017 — an increase of 22pc.

� Trade flows are expected to expand and become more complex. The key routes of the Mideast Gulf to Asia-Pacific and the US to Asia-Pacific — since 2016 normally through the widened Panama Canal — along with the US to Europe, will make up a significant and increasing proportion of global movements in LPG.

� But beyond this, we forecast additional exports from smaller participants such as Australia, Russia and Canada, which will soon begin exporting seaborne LPG cargoes from strategically advantageous west coast facilities to markets in Asia-Pacific.

�On the demand side, the two key sectors expected to ac-count for the bulk of incremental supply are the residential cooking and petrochemicals sector. Global residential de-mand will be more than 150mn t/yr by 2030, up from 120mn t/yr in 2017. Of this, more than 100mn t/yr will be consumed in Asia-Pacific.

� Demand from the petrochemicals sector will grow and will continue to play a key role in clearing the market. Near-term upgrades in steam-cracking feedstock flexibility and

the construction of a number of PDH plants will see total demand for LPG as a petrochemical feedstock reach 100mn t/yr by 2022, up from 86mn t/yr in 2018.

� A significant proportion of the incremental demand will be from PDH plants, with numerous projects due to begin operations in China, as well as the US, Canada, Belgium, Poland and Turkey, among others. Length in global LPG markets and the corresponding strong economic case for propane-dehydrogenation increases the prospect of ad-ditional projects being announced in the future.

� The traditional residential heating markets of North Amer-ica, northwest Europe and northeast Asia are in structural decline, owing to the impact of natural gas grid expansion, rising energy efficiency and displacement by other fuels. We expect this trend to continue and to result in a steady decline of 1-2pc/yr, but with some significant year-on-year variance because of changes in weather conditions.

� Latin American markets will remain steady, and provide a consistent source of demand for US exports. Most countries in the region, having implemented subsidy programmes in previous decades, are now at full or close to full market pen-etration, with some exceptions in parts of Central America and the Caribbean region.

� The cooking sector in Asia-Pacific will see the largest gain in incremental LPG demand as a number of underserved markets begin to fulfil their demand potential. Alongside India, where demand will continue to rise owing to a strong subsidy scheme, growth is forecast in a number of smaller markets in the region, including Bangladesh, Vietnam and the Philippines.

World LPG production and consumption 2010-40 mn t

-50

0

50

100

150

200

250

300

350

400

2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040

Total Consumption Total Production Net Position

World LPG consumption by region 2010-40 mn t

0

50

100

150

200

250

300

350

400

2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040

Africa Europe Latin America

Middle East North America Asia-Pacific

Russia and central Asia




PRICES

Propane monthly contract prices, plus key regional spot prices, 2018

Jan 18 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Middle East $/t

Saudi Arabia 590.00 525.00 480.00 475.00 500.00 560.00 555.00 580.00 600.00 655.00 540.00 445.00

Kuwait 590.00 525.00 480.00 475.00 500.00 560.00 555.00 580.00 600.00 655.00 540.00 445.00

Mediterranean $/t

Algeria (Sonatrach) 550.00 475.00 430.00 435.00 470.00 530.00 530.00 555.00 585.00 625.00 515.00 385.00

Spot Prices $/t

Large cargo cif ARA 519.41 451.45 444.81 466.35 538.17 524.48 555.86 560.05 614.78 578.70 448.20 425.18

Large cargo cif Lavera 527.18 456.75 448.48 468.68 540.45 532.05 561.09 572.02 630.80 595.17 464.66 439.94

Large cargo Japan CFR 561.99 500.05 481.06 490.64 565.33 561.73 595.11 598.33 657.20 623.19 496.57 466.35

Large cargo East China CFR 561.99 500.05 481.06 490.64 565.33 561.73 595.11 598.33 657.20 623.19 496.57 466.35

Large cargo South China CFR 561.99 500.05 481.06 490.64 565.33 561.73 595.11 598.33 657.20 623.19 496.57 466.35

Large cargo Far East Index 561.99 500.05 481.06 490.64 565.33 561.73 595.11 598.33 657.20 623.18 496.57 466.35

Asia spot premiums to CP$/t

Mideast Gulf -13.09 -7.84 -5.95 -3.62 -0.43 -3.95 -2.73 -3.14 -1.55 -5.70 -2.67 2.56

South China (pressurised) 66.27 58.26 63.19 63.00 73.43 71.15 68.32 65.29 69.45 79.65 74.19 72.67

East China (refrigerated) -12.56 -18.32 1.30 10.88 52.95 4.58 35.39 13.81 47.20 -6.38 -20.05 25.57

South China (refrigerated) -12.56 -18.32 1.30 10.88 52.95 4.58 35.39 13.81 47.20 -6.38 -20.05 25.57

Taiwan 7.81 4.79 11.11 9.88 21.57 15.43 33.52 17.14 23.05 22.36 18.29 34.68

Japan 7.81 4.79 11.11 9.88 21.57 15.43 33.52 17.14 23.05 22.36 18.29 34.68

Mont Belvieu ¢/USG

LDH 90.10 84.15 79.20 82.22 91.60 88.01 93.80 97.51 105.84 95.93 74.65 68.14

Non-LDH 90.27 87.53 78.10 82.05 91.97 88.10 94.13 97.77 105.87 95.66 74.38 67.34

Europe $/t

Coasters fob NWE 533.46 439.60 429.67 501.85 572.07 508.95 520.41 520.82 560.45 548.35 463.73 431.97

Barges fob NWE 564.18 499.40 519.62 522.65 553.10 519.81 551.32 577.09 660.35 618.52 499.05 460.53

Coasters fob Med 580.05 490.75 491.74 505.40 591.36 577.62 584.14 586.73 639.18 614.22 512.36 477.82




Butane monthly contract prices, plus key regional spot prices, 2018


Middle East $/t

Saudi Arabia 570.00 505.00 465.00 470.00 505.00 560.00 570.00 595.00 635.00 655.00 525.00 415.00

Kuwait 570.00 505.00 465.00 470.00 505.00 560.00 570.00 595.00 635.00 655.00 525.00 415.00

Mediterranean $/t

Algeria (Sonatrach) 530.00 485.00 440.00 450.00 485.00 540.00 540.00 570.00 605.00 655.00 515.00 375.00

Spot Prices $/t

Large cargo cif ARA 501.16 435.28 451.57 468.85 530.19 516.81 549.11 563.32 644.68 602.41 422.70 371.53

Large cargo cif Lavera 527.68 459.75 476.00 492.50 549.33 533.74 564.23 572.82 640.10 593.83 412.91 365.35

Large cargo Japan CFR 541.81 485.68 478.92 498.91 565.52 573.28 614.39 637.00 682.28 623.07 473.54 453.33

Large cargo East China CFR 541.81 485.68 478.92 498.91 565.52 573.28 614.39 637.00 682.28 623.07 473.54 453.33

Large cargo South China CFR 541.81 485.68 478.92 498.91 565.52 573.28 614.39 637.00 682.28 623.07 473.54 453.33

Large cargo Far East Index 541.81 485.68 478.92 498.90 565.52 573.28 614.39 637.00 682.28 623.07 473.54 453.33

Asia spot premiums to CP$/t

Mideast Gulf -13.09 -7.84 -5.95 -3.62 -0.48 -3.95 -2.73 -2.76 -1.55 -5.70 -2.67 2.56

India cfr -17.30 -18.99 7.25 17.38 44.10 7.58 34.66 28.33 36.43 -10.07 -30.23 34.89

South China (pressurised) 66.27 58.26 63.19 63.00 73.43 71.15 68.59 64.91 69.45 79.26 74.19 76.00

East China (refrigerated) -13.28 -13.37 12.11 21.67 49.10 12.58 39.66 33.33 41.43 -3.67 -25.23 39.89

South China (refrigerated) -13.28 -13.37 12.11 21.67 49.10 12.58 39.66 33.33 41.43 -3.67 -25.23 39.89

Taiwan 5.67 6.47 14.87 13.24 20.91 19.08 36.71 32.05 28.48 28.41 16.01 39.83

Japan 5.67 6.47 14.87 13.24 20.91 19.08 36.71 32.05 28.48 28.41 16.01 39.83

Mont Belvieu ¢/USG

LDH 89.94 77.21 74.78 81.57 91.73 94.97 101.07 102.10 117.26 107.83 79.34 71.35

Non-LDH 100.03 95.78 91.17 92.39 102.74 103.39 124.57 114.99 124.49 110.36 84.02 78.29

Europe $/t

Coasters fob NWE 497.27 444.75 454.69 483.00 524.19 510.38 535.27 550.32 633.15 595.09 427.77 360.88

Barges fob NWE 520.48 474.30 485.95 499.75 534.52 509.21 510.39 554.32 660.50 645.44 441.93 375.74

Coasters fob Med 581.96 512.10 539.00 512.80 568.10 558.12 561.00 585.11 643.53 620.13 440.14 390.53

PRICES




Naphtha $/t


Cargoes cif NWE 591.78 555.65 571.62 607.06 667.57 633.32 643.33 641.36 676.43 662.37 506.75 462.53

Cargoes c+f Japan 602.98 563.49 575.95 607.11 672.64 642.38 656.59 654.29 690.08 686.65 529.53 485.74

Ethane ¢/USG


Mont Belvieu 26.86 24.06 25.05 27.66 26.18 32.74 35.78 39.43 52.62 42.03 32.55 29.51

Propane export prices

300

350

400

450

500

550

600

650

700


Saudi Arabia Algeria North Sea

$/t

Propane cif NWE cargoes large

200

300

400

500

600

700

Jan Apr Jul Oct

2016 2017 2018

$/t

Propane Argus Far East Index

200

300

400

500

600

700

Jan Apr Jul Oct

201620172018

$/t

Propane NWE, Mont Belvieu, Japan

300

350

400

450

500

550

600

650

700


NWE Mont Belvieu Japan

$/t

Butane cif NWE cargoes large

200

300

400

500

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700

Jan Apr Jul Oct

2016

2017

2018

$/t

Butane Argus Far East Index

200

300

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700

Jan Apr Jul Oct

201620172018

$/t

PRICES




Propane Mont Belvieu non-LST

20

40

60

80

100

120

Jan Apr Jul Oct

201620172018

¢/USG

Butane Mont Belvieu non-LST

40

60

80

100

120

140

160

Jan Apr Jul Oct

201620172018

¢/USG

Propane Mont Belvieu LST vs Nymex WTI

30

40

50

60

70

80

90

Jan Apr Jul Oct

201620172018

%

Ethane Mont Belvieu

101520253035404550556065

Jan Apr Jul Oct

201620172018

¢/USG

Propane CFR Japan differential to Saudi CP

-100-80-60-40-20

020406080

Jan Apr Jul Oct

201620172018

$/t

NWE: Propane differential to naphtha

-180-160-140-120-100-80-60-40-20

0


$/t

Naphtha = 0

Propane: NWE differential to Mont Belvieu

-60-40-20

020406080

100120

2016 2017 2018

$/t

Mont Belvieu = 05-day rolling average

Butane CFR Japan differential to Saudi CP

-80

-60

-40

-20

0

20

40

60

80

Jan Apr Jul Oct

201620172018

$/t

PRICES




BackGRound

Primary Energy developments 2018Global primary energy consumption in 2018 saw 2.9pc growth compared with 2017 — one of the strongest growth rates seen in the past decade. The annual average growth rate in 2008-18 was 1.7pc.

Total primary energy consumption now stands at 13.9bn t of oil equivalent (toe), compared with 13.5bn toe from the previous year.

Energy use from fossil fuels — oil, natural gas and coal — made up 84.7pc of total demand in 2018. This was a slight decrease from 2017, where the share was 85.1pc. The share of renewables in total energy consumption, excluding hydro-power, increased by 0.4pc to 4.0pc in 2018 compared with 2017. Nuclear energy consumption remained consistent on the year.

Primary energy demand in China was close to 3.3bn toe in 2018, an increase of 4.3pc compared with 2017 — the stron-gest growth seen in recent years. China remains the largest consumer of primary energy in the world. Coal still accounts for the majority of energy demand in the country. Primary energy originating from coal totalled 58pc in 2018. Natural gas consumption has seen strong growth in recent years.

Demand increased by 14.8pc in 2017 and by 17.7pc in 2018. Natural gas is replacing coal in the residential and industrial sectors. Demand for renewables grew by 29pc in 2018 com-pared with 2017.

India consumed 809mn toe of primary energy in 2018, the second-largest in Asia-Pacific after China. Demand in 2018 was 7.9pc higher than in 2017. Coal, which accounts for more than half of the country’s energy demand, rose by 8.7pc on the year, following three years of moderate growth — 3.9pc, 1.3pc and 2.0pc in 2017, 2016, and 2015, respectively. Natural gas grew at a similar rate as coal in 2018 — 8.1pc after slightly slower growth rates in previous years, 5.8pc in 2017 and 6.2pc in 2016. Renewables is the fastest-growing sector in the country, in line with world trends.

US primary energy consumption grew by 3.5pc in 2018 compared with 2017 and stood at 2.3bn toe, the biggest increase since 2010. Natural gas demand showed the highest rate of increase among all energy sources, rising by 10.5pc in 2018 compared with a 1.3pc decrease in 2017 and a 0.7pc rise in 2016. Demand for coal, a sector in consistent decline, contracted by 4.3pc on the year. Renewables demand rose by 9.8pc in 2018 compared with the previous year.

Primary energy consumption by fuel, 2018

Oil34%

Natural gas24%

Coal27%

Nuclear5%

Hydro.7%

Renewables3%

Primary energy consumption by region, 2018

North America19%

South & Central America

6%

Europe & Eurasia

22%

Middle East7%

Africa3%

Asia-Pacific43%

Primary Energy Consumption by Fuel mn toe

Oil Natural gas Coal Nuclear Hydroelectric Renewables Total

Total World 2017 4,607 3,142 3,718 597 920 490 13,475

Total World 2018 4,662 3,309 3,772 611 949 561 13,865

Difference 1.2% 5.3% 1.4% 2.4% 3.1% 14.5% 2.9%




Europe, including Eurasia, exhibited no change in total primary energy demand in 2018. Demand growth has been modest since 2015 with increases within the 0.9pc to 1.5pc range. Fossil fuel sources such as oil, natural gas, and coal all saw a decline in demand in 2018. The natural gas and oil de-mand markets declined in 2018 after three consecutive years of consumption increases. Renewable energy demand grew by 6.1pc between 2017 and 2018.

South America saw primary energy demand grow by a slight 0.3pc between 2017 and 2018. Oil and natural gas, which ac-count for 45pc and 21pc of total energy demand, respective-ly, declined moderately in 2018 compared with the previous year, while coal consumption increased by 3.7pc. The share of hydroelectric in the total primary energy mix, 24pc in 2018, is relatively high compared with the global average of 7pc.

Primary Energy Consumption, 2018 mn toeOil Natural gas Coal Nuclear Hydroelectric Renewables Total

US 920 703 317 192 65 104 2,301

Canada 110 100 14 23 88 10 344

Total North America 1,030 802 331 215 153 114 2,645

Argentina 30 42 1 2 9 1 85

Brazil 136 31 16 4 88 24 298

Chile 18 6 8 0 5 4 40

Colombia 17 11 6 0 13 0 47

Ecuador 12 1 0 0 5 0 18

Mexico 83 77 12 3 7 5 187

Peru 12 6 1 0 7 1 27

Trinidad & Tobago 2 13 0 0 0 0 15

Venezuela 20 29 0 0 16 0 65

Other 68 7 4 0 22 6 108

Total South & C. America 398 222 48 8 173 40 889

Austria 13 7 3 0 8 3 35

Azerbaijan 5 9 0 0 0 0 14

Belarus 7 17 1 0 0 0 25

Belgium 34 15 3 6 0 4 62

Czech Republic 11 7 16 7 0 2 42

Finland 11 2 4 5 3 4 29

France 79 37 8 93 15 11 243

Germany 113 76 66 17 4 47 324

Greece 16 4 5 0 1 2 28

Hungary 9 8 2 4 0 1 24

Italy 61 60 9 0 10 15 154

Kazakhstan 16 17 41 0 2 0 76

Netherlands 41 31 8 1 0 4 85

Norway 10 4 1 0 31 1 47

Poland 33 17 51 0 0 4 105

Portugal 12 5 3 0 3 4 26

Romania 10 9 5 3 4 2 33

Russia 152 391 88 46 43 0 721

Spain 67 27 11 13 8 16 141

Sweden 15 1 2 16 14 7 54

Switzerland 11 3 0 6 8 1 28

Turkey 49 41 42 0 13 9 154

BackGRound




Turkmenistan 7 24 0 0 0 0 32

Ukraine 10 26 26 19 2 1 84

UK 77 68 8 15 1 24 192

Uzbekistan 3 37 3 0 2 0 44

Other 66 31 36 9 26 12 178.9

Total Europe & Eurasia 936 971 442 259 201 173 2,981

Iran 86 194 1 2 2 0 286

Iraq 38 15 0 0 1 0 54

Israel 11 9 5 0 0 0 26

Kuwait 20 19 0 0 0 0 39

Oman 9 21 0 0 0 0 31

Qatar 12 36 0 0 0 0 48

Saudi Arabia 163 96 0 0 0 0 259

UAE 45 66 1 0 0 0 112

Other 27 20 0 0 0 1 48

Total Middle East 412 476 8 2 3 2 902

Algeria 20 37 0 0 0 0 57

Egypt 37 51 3 0 3 1 95

Morocco 13 1 5 0 0 1 21

South Africa 26 4 86 3 0 3 122

Other 96 36 7 0 26 2 168

Total Africa 191 129 101 3 30 7 462

Australia 53 36 44 0 4 7 144

Bangladesh 9 24 2 0 0 0 36

China 641 243 1,907 67 272 144 3,273

Hong Kong 22 3 6 0 0 0 31

India 239 50 452 9 32 27 809

Indonesia 83 34 62 0 4 3 186

Japan 182 99 117 11 18 25 454

Malaysia 37 35 21 0 5 0 99

New Zealand 8 4 1 0 6 2 22

Pakistan 24 37 12 2 8 1 85

Philippines 22 4 16 0 2 3 47

Singapore 76 11 1 0 0 0 88

South Korea 129 48 88 30 1 5 301

Sri Lanka 5 0 1 0 1 0 8.1

Taiwan 50 20 39 6 1 1 118

Thailand 66 43 19 0 2 4 133

Vietnam 25 8 34 0 18 0 86

Other 22 10 18 0 14 0 65

Total Asia-Pacific 1,695 710 2,841 125 389 225 5,986

Total World 4,662 3,309 3,772 611 949 561 13,865

^ Less than 0.5

— BP Statistical Review of World Energy - July 2019

Primary Energy Consumption mn toeOil Natural gas Coal Nuclear Hydro-electric Renewables Total

BackGRound




LPG DiStRibution chain

Oil and gas production Onshore

Oil and gas production Offshore

NGL processing unit

Crude oil/gas/NGL stream

Crude oil tanker Pipeline Refrigerated LPG carrier Pipeline Rail tank car

Refrigerated or pressurised storage

terminal

Underground storage terminal

Pressurised LPG tanker Rail tank carBulk road tank carPipeline

Domesticcooking and

heating

Agriculture

Service station

Bulk sub-depot

Bulk distributor Bulk road tank car Piped natural gas Light industrial

Petrochemicals plant

Cylinder retailer/dealer

Autogas vehicle

Bulk road tank car

BBQ, campinglighters and lawnmowers

BoilersForklift trucks

Crop dryersWeed-killers

Town gasCity gas




MethodoLoGy

DefinitionsLPG: Liquefied petroleum gas including propane, n-butane, iso-butane, butane mixtures and propane-butane mixtures only. In some markets a small amount of unsaturated prod-uct may be included.

Consumption by sectors*Domestic: Includes residential and commercial use for LPG as a cook-ing and heating fuel primarily from cylinders and bulk tanks.

Agriculture: LPG use in crop drying, weed and pest control, irrigation and non-highway agricultural vehicles.

Industry: LPG consumed in manufacturing and light industrial ap-plications, such as glass-blowing, ceramics manufacture, welding, food processing and heating for boilers. Some volumes in the commercial sector may be included.

Autogas: Use as automotive vehicle fuel in passenger cars, taxi fleets, company vehicle fleets, buses and light trucks, but exclud-ing forklift trucks.

Refinery: LPG used as a feedstock for crude oil refining processes or as a fuel at refineries.

Chemical: LPG used as a feedstock for olefins production and other chemical processes. Some feedstock use in refineries may be included.

*A comprehensive resource on the over 1,000 applications of LPG can be found at the WLPGA’s global portal on LPG Ap-plications, found at http://www.lpg-apps.org.

VLGC: very large gas carrier.LGC: large gas carrier.NGLs: natural gas liquids

Common Units of MeasurementBarrels: blCubic feet: ft³

LPG Properties

Property Propane (C3H8) Butane(C4H10)

Liquid density 0.50-0.51 0.57-0.58

Gas density/Air 1.40-1.55 1.90-2.10

Ratio Gas/Liquid 274 Vols 233 Vols

Boiling Point -45°C -2°C

Latent Heat Vaporisation 358 KJ/kg 372 KJ/kg

Specific Heat Liq 0.60 Btu/ft³ 0.57 Btu/ft³

Sulphur Content 0-0.02% 0-0.02%

Flammability Limit 2.2-10.0% 1.8-9.0%

Calorific Values 2,500 Btu/ft³ 3,270 Btu/ft³

21,500 Btu/lb 21,200 Btu/ib

11,900 Kcal/kg 11,800 Kcal/kg

50.4 MJ/kg 49.5 MJ/kg

Minimum ignition temp. 460°C 410°C

Useful Conversion Factors

Propane (C3H8) Butane (C4H10)

USG/t 521 458

Imperial gallons/t 433 381

Litres/t 1,968 1,732

Therms/t 474 465

b/t 12 11

t/m³ 0.582 0.600

1t of LPG = 1.18t of oil equivalent

1 nautical mile = 1.85km

LPG properties and conversion factors

Cubic metres: m³ Litres: lTonnes: t Tonnes of oil equivalent: toeUSG: US gallons




About the WLPGAThe World LPG Association (WLPGA) is the authoritative voice of the global LPG industry representing all its sectors. The primary aim of the Association is to add value to the sector through driving premium demand for LPG, while also promoting compliance to good business and safety practic-es. It brings together private and public companies involved in one, several or all activities of the industry, it develops partnerships with international organisations and imple-ments projects on local and global scales. The Association was established in 1987 and granted Special Consultative Status with the UN Economic and Social Council in 1989.

WLPGA VisionAs the authoritative global voice for LPG, the WLPGA pro-motes the use of LPG worldwide to foster a safer, cleaner, healthier and more prosperous world.

WLPGA Mission StatementDemonstrate the benefits of LPG and inform, educate and influence all stakeholders.

Support the development of LPG markets.

Promote compliance with standards, good business and safety practices.

Identify innovation and facilitate knowledge transfer.

WoRLd LPG ASSociAtion And ARGuS MediA

About Argus MediaArgus is an independent media organisation with more than 900 staff. It is headquartered in London and has 21 offices in the world’s principal commodity trading and production centres. Argus produces price assessments and analysis of international energy and other commodity markets, and offers bespoke consulting services and industry-leading conferences.

Argus was founded in 1970 and is a privately held UK-regis-tered company. It is owned by employee shareholders and global growth equity firm General Atlantic.

Argus Consulting Services, which prepares the annual Statis-tical Review of Global LPG, is a division of Argus Media group and provides clients with tailored research, data, bench-marking, modelling, strategic analysis and decision-making support.

Argus pricing and fundamentals data give Consulting Servic-es a unique perspective. The focus of Argus Consulting Ser-vices is firmly on markets — their structure, outlook, logistics and economics — where our understanding, knowledge and insight provide clients with a real competitive advantage.

Argus LPG World is one of the best-known industry business intelligence reports, published twice-monthly and providing news, prices and analysis.

The Argus International LPG Report is a daily price assess-ment report covering the global LPG markets in depth, and providing news and analysis.

For further details visit www.argusmedia.com

AcknowledgementsWe thank all members of the WLPGA and various LPG indus-try experts who provided us with the necessary data for this project. The 2018 WLPGA LPG statistics were prepared by the following editorial and analysis team with help from Argus offices and bureaus across the globe:

LPG Statistical Review editorial board: David Tyler (WLPGA), David Appleton, Michelle Gantert (Argus)LPG Statistics project editor: David AppletonSub-editing and Production: Gordon Beveridge, Chris Rockett and Ravin Khurtoo.




The data and other information published herein (the “Data”) are provided on an “as is” basis. This publication does not take into account, and has not been prepared on the basis of, the needs, objectives or interests of any individual customer. Any information, opinion or forecast contained within this publica-tion does not constitute advice (including, but not limited to, financial, tax, legal or investment advice). Actual results may differ from any projected or forecasted results. This publication should not be relied upon as the basis to enter into a transac-tion, nor as the basis for any investment or financial decision.

Argus and its licensors (including exchanges) give no representations or warranties, express or implied, as to the accuracy, adequacy, timeliness, or completeness of the Data or that this publication is fit for any particular purpose. Argus and its licensors (including exchanges) shall not be liable for any loss, claims or damage arising from any party’s reliance on the Data or this publication and disclaim any and all liabil-ity related to or arising out of use of the Data or this publica-tion to the full extent permissible by law.

Data and information contained in this review come from a variety of sources including official agencies, original re-search and analysis conducted by Argus personnel, propri-etary sources maintained by Argus and market contacts. The primary sources are the national LPG associations, supple-mented with information from other official agencies, Argus databases and other market participants.

Argus aims to ensure that the information and data con-tained in this review are reliable and have been validated by the appropriate WLPGA members and other industry contacts, but inherent difficulties in obtaining information on often opaque and commercially sensitive markets should be noted by the reader. In addition, rounding errors, differ-ing definitions and/or the use of multiple sources may have led to instances in which some data and/or information may appear to be inconsistent. Argus has tried to resolve these apparent inconsistencies, but some may remain.

For some markets where reliable production data have not been available, Argus uses a mathematical model to estimate both refinery and field production. Further information on this is available on request.

Any projected market or price developments, growth or future performance contained in this review merely reflect the reasonable judgment of Argus, developed using stan-

dard analytical and projection techniques, at the time of the preparation of this material.

Future projections of supply and demand are based on consideration of a wide range of factors including market, economic and political — many of which are inherently uncertain and potentially subject to unpredictable and un-foreseeable events. Accordingly, Argus offers no assurance whatsoever regarding the consistency of any projections relative to actual outcome in the future.

Throughout this review, all references to tonnes (t) are to metric tonnes. All weights are given in tonnes, unless explicitly stated in the text. All references to dollars are to US dollars. Currency conversions have been made either at current or relevant historical exchange rates, as required by the context.

Numbers have been correctly rounded at the last point of calculations, with intermediate calculations preserving full accuracy. This means that table totals may differ slightly from the sum of individual figures, and percentages may some-times appear not to total exactly 100pc.

No part of this report shall be provided to third parties with-out the written consent of Argus Media.

DiScLaimeR

Note on data revisionsEach year Argus updates the previous year’s figures in cases where new data have become available and revised data have been published — or statistical mismatches have been identified. In particular, we would like to high-light the following changes to figures in this edition of the Statistical Review of Global LPG:

� US Data: The EIA recently split alkanes (propane and butane) from olefins (propylene and butylene) in its sup-ply, demand and trade data, meaning that the balance for LPG has been revised — particularly that of refinery output and input. This has been reflected in the histori-cal balances as well as those for 2018. Argus also received updated data for the transport sector, which had in previous editions included non-road internal combustion engines. These volumes have been moved to the indus-trial sector.



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