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Japanese Utilities to Receive Government Support to Buy Spot LNG

LNG

The Japanese government is set to support utilities to purchase LNG to help mitigate against the surge in costs.

  • "The Japan Bank for International Cooperation (JBIC) and other public financial institutions will offer support to Japanese companies in procuring LNG to ensure adequate fuel supplies," Yasutoshi Nishimura, the industry minister said.
  • "We believe such a move will contribute to stable LNG supply in Asia," he said.
  • The JBIC will provide low-interest loans to electric power utilities and city gas companies to buy the super-chilled fuel from the spot market.
  • Approximately 20% of Japanese utility gas purchasing is from the spot market – the other 80% is bought on long term contracts.
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