Japan's industry minister said Wednesday that Japan will launch a study this fall on setting up a futures trading market for liquefied natural gas to secure LNG at lower prices, amid increased demand in the country following the nuclear crisis at the Fukushima Daiichi plant, Kyodo News reported.
Japan
's
industry minister said Wednesday that
Japan
will
launch a study this fall on setting up a futures trading market for liquefied
natural gas to secure LNG at lower prices, amid increased demand in the country
following the nuclear crisis at the Fukushima Daiichi plant, Kyodo News
reported.
Economy, Trade and Industry Minister Yukio Edano also called for a change in
price-setting mechanisms in the Asian market at the first meeting between LNG
producers and consumers in Tokyo, saying Japan, the world's largest LNG
importer, has to shoulder mounting costs to procure the gas with only two out
of 50 nuclear reactors operating in the country after the Fukushima crisis.
"
Japan
's LNG
imports before the earthquake (in March last year) stood at Y3.5 trillion, but
the amount is projected to reach Y6 trillion in 2012. For the Japanese
government and businesses, securing LNG at a low cost poses a major
challenge," Edano said.
The prices of LNG imported by
Japan
have
been relatively high as they are linked to crude oil prices under long-term
contracts. Edano said with increased LNG supplies following expanded shale gas
production in
North America
, prices there have fallen
sharply.
"There have been changes in the paradigm of the LNG market and the current
price-setting method linked to oil prices in
Asia
is no
longer reasonable," Edano said. "If the price levels are maintained
as they are, Asian countries will increase their use of coal and nuclear power,
which would lead to slower demand for LNG."
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