Asian LNG market is set to receive a $10 billion public-private push from Japan, the world’s largest importer of liquefied natural gas.
Japanese minister of economy, trade and industry, Hiroshige Seko was reported by Platts as saying the Japanese initiative will financially support projects boosting supplies to Asia or creating additional LNG demand in the region in order to absorb the global rise in supply.
Japanese ministry of economy, trade and industry (METI) will be at the forefront of the initiative providing training to both consumer and producer personnel over the coming five years.
Speaking at an LNG conference in Tokyo, Seko urged the Asian countries to increase the use of natural gas as a fuel source.
In addition to creating demand, METI is looking to push for greater LNG market liquidity as well as the abolition of destination clauses that have been ruled as anti-competitive by the Japanese Fair Trade Commision.
Japan signed a deal with India on Wednesday, setting the stage for collaboration on creating a liquid, flexible and global LNG market, as well as the abolition of destination clauses.
LNG World News Staff