加拿大抢占LPG亚洲市场

Core Insights - Canada is rapidly advancing its LPG export infrastructure, particularly to Asia, to overcome its historical lag behind the U.S. in this sector [1][2] - The U.S. LPG market is becoming saturated, making it crucial for Canada to maximize the value of its LPG products through Asian exports [1] - Canadian LPG exports from Ridley Island are yielding approximately $5 more per barrel compared to exports to the U.S. [1] Infrastructure Development - AltaGas and Wapahak are collaborating on the Ridley Island Energy Export Facility (REEF) project, with an initial investment of $970 million and a design capacity of 55,000 barrels per day, expected to be operational by the end of 2026 [2] - An "Optimization Phase One" plan is set to increase the terminal's capacity by an additional 25,000 barrels per day by mid-2027, while a "Phase Two Optimization" project is in the design and approval stage, aiming for a further increase of 60,000 barrels per day [2] - The Tri-Pacific Terminal Company is working with the Prince Rupert Port Authority on a project with an annual capacity of 2.5 million tons to further enhance the West Coast export capabilities [2] Export Trends - AltaGas is a major LPG exporter on Canada's West Coast, achieving an average daily export of 133,000 barrels through 23 Very Large Gas Carriers (VLGCs), primarily to Japan and South Korea [3] - The demand for propane from China's PDH facilities is shifting Canada's export focus towards China, with projected increases in daily exports of propane from 230,000 barrels in 2025 to 244,000 barrels in 2026, and butane from 78,000 barrels to 83,000 barrels [3] - The production bottleneck in Canada's core NGLs region, the Montney Basin, is being alleviated, with daily production expected to rise from 1.4 million barrels in 2019 to 1.6 million barrels by 2025 [3] Competitive Landscape - Canadian LPG exports face challenges, including pricing competition with U.S. Gulf Coast and Middle Eastern counterparts, as well as increased NGLs resource availability from the U.S. Permian Basin [4] - Overall, the industry anticipates that once all planned export facilities are completed, Canada will rank among the largest global LPG suppliers, leveraging its pricing, logistics, and capacity advantages to secure a significant position in the Asian LPG market [4]