Asian buyers and distributors of liquefied natural gas (LNG) are seeing a mix of changes and challenges on the horizon for the region as they work to develop a more connected and flexible market ecosystem.

Asia has historically been a favored destination of the super-chilled fuel, but as key players in the industry diversify their businesses, they are also having to adapt to a changing dynamic.

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Companies such as Malaysia’s Petroliam Nasional Berhad, aka Petronas, have traditionally focused on Southeast Asia in their LNG business, the company’s Vice President of Gas and Power Abdul Aziz Othman said at CERAWeek by S&P Global. And, while he sees countries such as Japan, Korea, China and Taiwan still being pillar customers, Petronas is working on a wider...