According to the latest Reuters report, Japan’s Osaka Gas is considering expanding its operations in Southeast Asia as demand in the region continues to grow ahead of supply.
There are not only ‘pull’ factors at play in drawing Osaka Gas to Southeast Asia. The company is also feeling a push to expand as domestic Japanese demand is in decline – due to a maturing market and shrinking population.
As one of Asia’s fastest growing energy markets, Vietnam is a prime market for Osaka Gas expansion. The country has a large population, is experiencing significant economic growth, and is looking to increase energy imports as its own oil and gas supplies are declining.
Vietnam does not currently import any LNG, however it plans to begin imports in the next few years. Other Southeast Asian countries, notably Indonesia and the Philippines, are looking to do the same.