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New LNG terminal in Tokyo

New LNG terminal in Tokyo
Tokyo Gas may build a new LNG terminal in Hitachi in north-eastern Tokyo, to be operational by 2018.

Tokyo Gas may build a new LNG terminal in Hitachi in north-eastern Tokyo, to be operational by 2018.

Tokyo Gas may build a new LNG terminal in Hitachi in north-eastern Tokyo, to be operational by 2018.

Japan is already the largest LNG importer in the world and plans for the new terminal have been described as a move to meet rising domestic demand.

Announcement of the project has come on the heels of an agreement by Tokyo Electric Power to extend an LNG supply contract with ConocoPhillips until 2011, reports said.

According to one source, ?Tokyo's [Japan] long-term concerns over security of energy supplies continue to dominate the policy agenda, despite an accelerating decline in industrial demand caused by the global economic downturn.?

Tokyo Gas has forecast gas consumption to continue to rise in Japan as the industrial sector continues to switch from coal or fuel oil to gas, one report said.

To account for the rise in gas consumption, Tokyo Gas is planning to expand its gas infrastructure and in its mid-term business plan has allocated 900 billion Yen or about $10 billion to this end, the report added.

Japan currently has 23 LNG import terminals with a significant number of these facilities owned by local power generation companies that operate gas-fired power stations, often in partnership with gas distribution companies.

According to Business Monitor International, these same companies own much of Japan's LNG tanker fleet and the country's LNG import requirements are expected to rise as domestic gas consumption continues to grow.

Business Monitor International is forecasting LNG imports to rise from 88.9 billion m³ to 104.6 billion m³ in 2012 and further to 117.8 billion m³ by 2030 in line with gas consumption.

www.TurkishMaritime.com.tr

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