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Japan to boost investment role in upstream LNG projects

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TOKYO : Japan plans to step up its investment role in upstream projects for liquefied natural gas (LNG), to spur new development and boost fuel offtake by its companies, the industry minister said on Friday.Investment in new LNG development worldwide has dropped significantly as a global trend toward deca

TOKYO : Japan plans to step up its investment role in upstream projects for liquefied natural gas , to spur new development and boost fuel offtake by its companies, the industry minister said on Friday.

"Russia's invasion of Ukraine has intensified competition for purchasing LNG, raising concerns about stable supply of the fuel for Japan," he told a news conference. The government aims to provide 'risk money' through the state-run Japan Oil, Gas and Metals National Corp for existing LNG projects that can boost output quickly via expansion, he said, but gave no details.

The Ukraine crisis, triggered by what Moscow has called a"special military operation", spotlighted Japan's role in the Sakhalin-1 and Sakhalin-2 energy projects in Russia, as Western oil majors have decided to pull out of the country.

 

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