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Japan to Ask State-Owned JOGMEC to Buy LNG in Supply Emergency

LNG

The Japanese government has approved a plan to buy LNG in the event companies can’t secure cargoes.

  • Japan is increasing efforts to secure supplies with intense global competition for LNG as Europe try to replace Russian pipeline supplies.
  • The regulation will allow the industry minister to ask state-owned JOGMEC to buy LNG in case of emergency according to trade minister Yasutoshi Nishimura on Friday.
  • Japan also plans to revise another law to allow the government to order large users to limit use of city gas when supplies are tight.
  • JOGMEC already had the authority to purchase fuel for electricity-generating utilities, but the new approval applies to gas firms as well with no restrictive clauses to prevent purchase at certain prices.
Energy BulletsPower BulletsBank of Japan (BOJ) Market NewsCommodities
Energy BulletsPower BulletsBank of Japan (BOJ) Market NewsCommodities

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