- Japan’s government is amending laws that will allow state firm Japan Oil, Gas and Metals National Corporation (JOGMEC) to buy liquefied natural gas this winter if private companies cannot afford to do so, Industry and Trade Minister Yasutoshi Nishimura said on Friday.
- Japan and all other large importers of LNG in Asia have been in intense competition with Europe this year to procure gas cargoes as the EU races to replace Russian pipeline supply while Russia has significantly restricted its gas exports to Europe.
- The heightened competition of LNG supply just ahead of the winter has sent LNG prices high, and freight rates to record highs, as Europe looks to import as much gas as it can to avoid a winter of blackouts and rationing.
Japan’s Government Will Buy LNG If Private Companies Can’t Afford To
