World LPG Leader David Tyler Highlights Opportunities in Sri Lanka’s LPG Sector

David Tyler, Director of the World LPG Association, visited Sri Lanka to discuss significant global LPG industry trends and opportunities for local growth. He emphasized the importance of establishing a unified industry association, addressed pricing trends indicating stability, and underscored LAUGFS Gas’s commitment to infrastructure development in the LPG sector.

Recently, LAUGFS Gas hosted Mr. David Tyler, Director of the World LPG Association (WLGA), during his visit to Sri Lanka. In this engagement, Mr. Tyler discussed global developments in the liquefied petroleum gas (LPG) industry, along with insights on local market growth opportunities. His keynote address took place at the LAUGFS Gas headquarters, focusing on significant trends within the industry.

In his address, Mr. Tyler highlighted that globally, around 360 million metric tons of LPG were produced last year, with North America as the leading producer, followed closely by the Middle East. He noted that more than half of this output is consumed in the Asia-Pacific region, which is experiencing an annual market growth rate of approximately 3%-4%. Mr. Tyler emphasized LPG’s versatility, stating, “LPG remains primarily used for domestic cooking, yet it has numerous additional applications including power generation, industrial fuel, and transportation. It is critical to educate and transition the nearly 2 billion people globally who still rely on traditional fuels like wood and kerosene.”

Mr. Tyler also called for the establishment of a unified LPG industry association in Sri Lanka. He asserted that such an association would enhance collaboration among stakeholders in the LPG sector, providing a collective voice for advocacy and management. “An industry association is essential not only for LPG providers but also for equipment manufacturers, suppliers, and transportation stakeholders. A unified voice is vital for growth and effective industry management,” he remarked.

Regarding pricing trends, Mr. Tyler indicated that LPG market prices, linked to the Saudi Aramco index, range from $650 to $700 per metric ton. Experts predict that these prices will remain stable in the upcoming years. He dispelled common misconceptions about LPG, highlighting its cost-effectiveness, efficiency, and environmental benefits when compared to traditional fuels.

The Chairman of LAUGFS Holdings, during the event, expressed the company’s commitment to the development of Sri Lanka’s LPG industry. He stated, “LAUGFS Gas, as the largest infrastructure investor in Sri Lanka’s LPG industry, is fully committed to optimizing its assets for national benefit. Our LPG terminal in Hambantota, which holds 30,000 metric tons, presents a significant strategic advantage for Sri Lanka’s LPG sector.”

The session concluded with a forward-looking perspective, acknowledging the opportunities available in the international LPG market, despite varying trade dynamics. LAUGFS Gas reiterates its dedication to fostering innovation and sustainability within the industry, aligning its goals with emerging global trends in LPG.

In conclusion, Mr. David Tyler’s visit to Sri Lanka highlighted significant trends and opportunities within the global LPG industry. His call for a unified industry association aims to enhance stakeholder collaboration and advocacy. Furthermore, LAUGFS Gas’s commitment to infrastructure development and innovation positions it favorably for growth in the national LPG market. With a focus on educating users and addressing the challenges of traditional fuel dependence, the future of Sri Lanka’s LPG sector appears promising.

Original Source: bizenglish.adaderana.lk