According to the latest Reuters report, Tokyo Gas Co. Ltd. is set to step up its overseas expansion in LNG and renewables.
In terms of renewables, the company’s current assets total only 490 000 kW of generation capacity. This capacity is generated primarily from solar and onshore wind power in Mexico. However, Tokyo Gas has stated that it aims to expand these assets tenfold to 5 million kW by 2030. In doing so, the company is aiming to generate 40% of its overseas profits from renewables by 2030 (US$368 million).
LNG will also play an important role in Tokyo Gas’ expansion. In particular, LNG upstream assets and infrastructure projects in Southeast Asia will provide key sources of growth.
In an interview with Reuters, the President of Tokyo Gas, Takashi Uchida, said that Tokyo Gas is in final talks with First Gen Corp. regarding the construction of an LNG terminal in the Philippines. Furthermore, Uchida stated that the company is looking to increase its LNG imports from its current level of 14 million tpy, in addition to boosting its LNG trading. Tokyo Gas currently trades practically zero LNG at present, but its planned boost will reportedly raise its activity up to 5 million tpy by 2030 (generating 10 billion yen profit).
By pursuing such an expansion and development programme, Tokyo Gas will reportedly triple its overseas profits by 2030.