October 13, 2020
On October 12 (Mon.), 2020, the Ministry of Economy, Trade and Industry (METI) and the Asia Pacific Energy Research Centre (APERC) held the Ninth LNG Producer-Consumer Conference.
The ninth conference, which was held online for the first time since the first conference in 2012, presented on its website messages delivered by ministerial officials of 27 countries and heads of over about 60 companies and international organizations. Moreover, on the date of the conference, about 1,900 people from 52 countries and regions worldwide registered to participate, and speakers enriched discussions on expectations for LNG and actions that they should take toward the expectations amid the ongoing dramatic changes in environments surrounding LNG.
Note: In the beginning of the LNG Producer-Consumer Conference 2020 held on October 12, 2020, failures in audio and video occurred for some participants. METI deeply apologizes for the inconvenience. As was announced before, METI has released the archive version of the video clips of all sessions held on the date on the YouTube website.
Overview of the conference
The current LNG market has been facing an increasing sense of uncertainty because of: the decline in demand for LNG caused by impacts of global economic downturn due to the expansion of the novel coronavirus disease (COVID-19); and the historical low level of spot market prices. In addition, dramatic movements toward decarbonization and energy transition are taking place in the world, mainly in Europe.
Amid these situations, the Ninth LNG Producer-Consumer Conference held discussions on approaches required by member countries to encourage the LNG market in Asia to become a foundation that can bolster economic recovery and growth while addressing the issue of global climate change. The conference focused on two subjects: [i] seeking price mechanisms favorable and sustainable for both producers and consumers and [ii] seeking decarbonization through the LNG value chain. Through these discussions, the conference deliberated elements necessary for bringing about an enhanced win-win relationship between producers and consumers.
Mr. Kajiyama Hiroshi, Minister of Economy, Trade and Industry, called participants’ attention to the need for “responsible energy administration,” a policy in which member countries should secure a stable supply of energy and achieve sustainable economic growth while engaging in solid measures for climate change.
Based on this, Minister Kajiyama stated that member countries should [i] aim to create global trends toward using LNG, which is already a clean source of energy, in an even cleaner manner and [ii] improve the attractiveness of LNG through further diversifying LNG transactions, and [iii] Japan will proactively implement continuous measures for supporting finance and human resource development taking advantage of online means even amid the expansion of COVID-19. Moreover, he announced that Japan will revise its Strategy for LNG Market Development formulated in 2016 to release an up-to-date version tailored to the new era.
Divisions in Charge
International Affairs Division, Commissioner’s Secretariat, Agency for Natural Resources and Energy
Petroleum and Natural Gas Division, Natural Resources and Fuel Department, Agency for Natural Resources and Energy