Japan's JERA, one of the world's biggest buyers of liquefied natural gas (LNG), expects to divert more of its LNG trade volume to other Asian countries in the long run, as demand weakens at home, an official said.
to 300 billion yen, boosted by lower fuel costs. Its LNG transaction volume came to 37 million tonnes in the 2021/22 fiscal year.
"Japan may not need LNG for 20 years ... but other Asian countries need to replace coal with something and LNG will play an important role," he said, adding that JERA could supply fuel to those countries likely to need it. They had surged to a record in August 2022 after Russia curtailed natural gas supplies to Europe in response to sanctions over its invasion of Ukraine."If we face a severe winter and China coming back to the market, it is a very bad sign," he added, saying China had large appetite that could lead to a very tight market if it needed to buy spot LNG.
Apart from its integrated gas-to-power business, which covers fossil fuel procurement through power generation, JERA is expanding use of renewable power to decarbonise.
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