Minister Seko speaks at LNG Producer-Consumer Conference 2017
Japan is the world’s largest consumer of liquefied natural gas (LNG). In 2012, Japan’s Ministry of Economy, Trade and Industry (METI) launched the annual LNG Producer-Consumer Conference, the world’s first conference for LNG producers and consumers aimed at further developing the LNG market. In 2017, the sixth annual conference brought together over 1,200 stakeholders from 32 countries and regions worldwide, including ministerial-level officials.
Japan Imports One-Third of the World’s LNG
Japan imports as much as one-third of LNG traded worldwide, which accounts for 23% of the nation’s overall domestic supply of primary energy. Moreover, more countries are investing in LNG as an alternative to traditional fossil fuels because LNG creates the fewest greenhouse gas emissions among fossil fuels.
Reforming LNG Trade Norms
Japan relies heavily on LNG as an energy resource, but many trade barriers hinder further market growth. Inflexible and non-transparent processes such as trading only via long-term contracts, destination-restricting clauses that limit ports at which certain LNG cargo can be accepted, and pinning LNG purchase prices to crude-oil prices can place a heavy burden on importing countries such as Japan, which curbs overall market growth.
Conference Creates Partnership Opportunities
To develop joint solutions for the LNG market worldwide, Japan started bringing together LNG producers and consumers at the annual LNG Producer-Consumer Conference over six years ago. Not only is the conference a chance for members to discuss necessary reforms to establish a more flexible, highly-transparent global LNG market, but also provides an opportunity to build partnerships with other countries and regions active in the LNG industry.
LNG Producer-Consumer Conference 2018 held in Nagoya in October
The 7th LNG Producer-Consumer Conference will be held in Nagoya in October. Stakeholders across different markets will share the latest trends since the last conference and continue discussions on the future development of the LNG market. Stable LNG prices will facilitate consistent consumption in Asian countries increasing their imports and also help producers better forecast long-term investment potential.
METI is committed to fostering a collaborative environment to continue the development of the global LNG market.
- LNG Producer-Consumer Conference 2018 to be Held News Release
- Website exclusively for the LNG Producer-Consumer Conference 2018