IEA Executive Director wants to modernise LNG markets

Fatih Birol, the Executive Director of the International Energy Agency (IEA), has met with Japanese government leaders to discuss the issues surrounding global LNG security.

In one meeting with the Japanese Prime Minister, Shinzo Abe, Birol claimed he wants to modernise the IEA, particularly through the means of more interaction with growing global energy powers. Additionally, Birol and Abe discussed the prospect of the IEA assisting Japan next year, when the Group of Seven presidency is held.

Speaking at the LNG Producer-Consumer Conference 2015, Birol claimed: “For LNG to achieve its potential, we need well-functioning markets. But these do not emerge spontaneously. Progress will require modernising the traditional model of government intervention, regulated gas prices, and limited access to networks […] there is no doubt that a golden age of gas remains possible – very possible. In fact, for some regions like North America, it is already a reality. But in this part of the world, we have to move faster and with more determination to improve regulations, and to develop infrastructure and markets.”

Edited from various sources by David Rowlands

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/17092015/iea-executive-director-wants-to-modernise-lng-markets-1308/