Japan’s Mitsui & Co is looking to expand its LNG business as the demand in Asia is rising.
Speaking to Reuters, Mitsui’s executive vice president Yukio Takebe said energy and natural resources are at the core of the company’s growth which is why it will focus on strengthening these segments.
Due to the ongoing trade tensions between the United States and China, some industry segments have weakened but the LNG and iron ore demand remains he said.
Despite the tensions, Mitsui is eager to invest in LNG with long-term views, and the company’s portfolio will be boosted by volumes from the newly sanctioned Mozambique LNG project and the Arctic LNG 2 project in Russia.
Once the two projects hit production phase, Mitsui’s annual volumes will reach 10 million tonnes, and the company is partnering in the Sakhalin-2 expansion in Russia, as well.
Takebe noted that the LNG market is currently oversupplied, with spot prices reaching three-year lows, but he noted that a supply shortage is expected in 2035.
LNG World News Staff