Canada is making headlines in the Liquid Natural Gas (LNG) Industry as several high profile gas companies compete for a share in British Columbia’s natural gas surplus. The reason being that the price of natural gas in Asia is approximately US$ 16.00 per thousand cubic feet compared to a little over US$ 3.00 in Western Canada.
Most recently, Petronas, a Malaysian oil and gas giant, stated that they plan to invest CAD$ 36 billion to improve pipeline infrastructure to accommodate a west-east orientation.
In the absence of pipelines, LNG is stored in cryogenic equipment and transported accordingly. With the high level of development occurring in many Asian countries, many are investing in LNG as an energy and transportation fuel source. Thus, LNG is expected to increase its contribution to the Global Cryogenic Equipment Market, fueling market growth at a CAGR of 8.56 percent for the 2012-2016 period.
So what exactly is Cryogenics?
Cryogenics is the study of the production of extremely low temperatures as well the behavior of materials at those temperatures. Cryogenic equipment is designed to store liquefied gases that are maintained at extremely low temperatures to retain their liquid state.