The market structure and trends for the Asian liquefied natural gas (LNG) market have evolved dramatically since this fuel was introduced in the late 1960s. While traditional markets such as Japan or Korea have held their position as the largest consumers in the region, their domestic markets have changed under the influence of liberalisation policies, which have led to different stages of market opening.

In parallel, the emergence of fast-growing LNG importers such as the People’s Republic of China has led to substantial market growth, which has coincided with more diversification on the supply side. Such an evolution in the contractual structure has had implications for price formation towards more diversity in indexation and more cross-influences between regional markets.