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Japan Encouraging Long Term LNG Deals for Energy Security

LNG

Japan’s government is urging LNG importers to sign new decades-long supply deals amid efforts to boost energy security for power producers and industries according to Bloomberg.

  • The Ministry of Economy, Trade and Industry has been meeting with Japanese buyers and overseas suppliers in a drive to protect Japan from future supply shocks and potentially for harsher sanctions against Russian fuel exports.
  • Japan requires long-term contracts to provide stable energy supply amid the transition to cleaner sources. Spot market purchases will also be needed to balance supply in parallel to carbon neutrality efforts according to a trade ministry official.
  • Japan’s annual long-term LNG supply contracts will decrease by 30% from 2022 to 2030 to 55m tons, according to a Japan Organization for Metals and Energy Security survey.

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