Mitsui says LNG still has a major role to play in future Japanese energy demand

Hirotatsu Fujiwara, Chief Operating Officer of Energy Business Unit II of Mitsui & Co., said: “LNG and gas will continue to play an important role long-term in a low-carbon global economy.”

Fujiwara went on to say that despite the fact that renewable energy may grow at 2% per year, fossil fuels, particularly LNG, will continue to play a significant role in meeting energy demand, even in 2040.

Japan, as the world’s largest importer of LNG, requires reliable and stable LNG supplies. Following the liberalisation of its electricity market, which has led to new competition between electric utilities, there are also plans to liberalise Japan’s retail gas market in 2017. This will make 2017 one of the most pivotal in the country’s energy market. Major utilities, including Tokyo Gas and JERA (a joint venture between Tokyo Electric and Chubu Electric) are leading the way in driving new international partnerships with Asian customers looking to drive improved terms and conditions in their fuel procurement.

During this pivotal year, Gastech will be held in Japan. At the event, these significant movements in the energy market will be discussed and debated. Mitsui & Co. are co-hosts of the event, alongside nine other Japanese stakeholders. These are: Tokyo Gas; JERA; Mitsubishi; INPEX; ITOCHU; JAPEX; JX Group; Marubeni; and Sumitomo Corp.

Fujiwara added: “We are proud to be one of the hosting companies of Gastech 2017, as it serves as an essential platform for networking among players in the global gas industry including producing countries and customers. We are expecting innovative discussions at Gastech on the production and liquefaction of gas, and we’re excited to see many of the technology and engineering companies getting involved.”