Japan major LNG buyer

JAPAN is the largest buyer of liquefied natural gas in the region and is ready to share its experience of LNG and expand into the Asia-Pacific LNG market.

Yuki Sadamitsu from the Japanese Ministry of Economy, Trade and Industry, said Japan remains the largest buyer of LNG in the rapidly growing LNG market in Asia.

Mr Sadamitsu made these remarks in his keynote address yesterday at the Petroleum and Energy Summit at the Stanley Hotel in Port Moresby, Papua New Guinea.

"Japan remains to be a large buyer of LNG for the foreseeable future.

"LNG demands will be larger than the government estimate.

"Japan is ready to collaborate with global, especially Asia-Pacific partners to develop and expand the LNG market.

"This of course, includes cooperation between the energy producing and the consuming countries," he said.

Japan is a consumer of mixed energy sources such as fossil fuel, oil, coal, LNG and others and is looking at reforming its energy market.

"Japanese LNG market is under drastic reform of liberalisation," Mr Sadamitsu added.

As part of Japan’s strategy for LNG market development, they are looking at three pillars which are tradability, infrastructure, and price discovery including market expansion to move forward.

"If you look globally, Asia is the most rapidly growing LNG market.

"Asia LNG import will almost double by 2030.

"We, the Japanese government and companies are ready to cooperate with Asian countries to share know-how of LNG and expand the Asia-Pacific LNG market.

"We will work on the LNG strategy for Asian countries this year," Mr Sadamitsu said. Post Courier/ PNG Today