Japan, the world’s largest buyer of liquefied natural gas is aiming to establish an international LNG trading hub by the early 2020s, according to a statement by Japan’s Ministry of Economy, Trade and Industry.
The country will boost its efforts to “achieve a goal of obtaining the status as an internationally recognized LNG hub by the early 2020s,” METI said, adding that the measures include allowing third-party access to LNG terminals and boosting LNG storage facilities.
METI made the announcement on Monday at a meeting of energy ministers from G7 countries in Kitakyushu.
The ministers of Canada, France, Germany, Italy, Japan, the United Kingdom, the United States, and the European Commissioner for Climate Action and Energy, met in Kitakyushu on 1-2 May to discuss developments against the background of volatile energy prices and the COP21 Paris Agreement.
“The expanding role and globalization of natural gas markets, for both pipeline and liquefied natural gas (LNG), bring new opportunities and challenges. We welcome Japan’s Strategy for LNG Market Development, the EU Strategy for LNG and gas storage, and LNG exports from North America and other sources,” the ministers said in a joint statement.
“Enhancing gas supply security requires well-functioning, resilient and interlinked natural gas markets with market-based pricing and with greater transparency, flexibility and liquidity. Relaxing destination clauses in LNG contracts, encouraging market development of price indices reflecting LNG supply and demand, and continued dialogue among stakeholders are crucial to achieve this,” the statement said.
LNG World News Staff