TOKYO—Japan’s government

Japan To Bolster Supplies Of LNG

Japan To Bolster Supplies Of LNG
TOKYO—Japan’s government is planning to create a strategic buffer of liquefied natural gas, trying to build resilience against the kind of energy crunch that hit Europe this year.
The government is targeting imports of at least 840,000 tons of LNG a year under the program, according to a summary supplied by the Ministry of Economy, Trade and Industry. The effort reflects concern in Tokyo about possible future cutoffs in LNG shipments. In Europe, prices of natural gas have in some cases soared to their highest levels yet after Russia halted most of its pipeline gas supply in the wake of its invasion of Ukraine. Japan is the world’s biggest importer of LNG, which is natural gas supercooled into liquid form and carried by ship. This year it has done better than others in avoiding shortages or out-of-control prices because it relies mostly on long-term contracts that guarantee supply and are indexed to oil prices, which haven’t risen as rapidly as LNG spot prices. Under Tokyo’s new policy, the Ministry of Economy, Trade and Industry would call on certain big commercial importers to bring into the country extra buffer cargoes starting in December 2023. In an emergency, the government could order those importers to direct the gas to locations with the greatest need. The policy calls for the buffer shipments to bring in about 70,000 tons of LNG each month, according to the ministry. Initially it would last until February 2024 and eventually, the government would aim to secure at least 12 cargoes of that size for its buffer strategy each year, it said.
Dec 5, 2022 15:39
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