Japan aiming to become an LNG trading hub by the early 2020s

According to Reuters, Japan is aiming to establish itself as an international trading hub for LNG by the early 2020s. The trade ministry of Japan reportedly said that Japan will open access to receiving terminals and increase large-scale LNG storage facilities in an effort to help create a global LNG market.

The announcement follows a meeting between the energy ministers of G7 countries. Reuters reports that, at the end of the meeting, a joint statement was made by the ministers encouraging the creation of LNG trading hubs to improve both market liquidity and transparency. The statement read: “Relaxing destination clauses in LNG contracts, encouraging market development of price indices reflecting LNG supply and demand, and continued dialogue among stakeholders are crucial to achieve this.”

Edited from various sources by David Rowlands

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