JAPAN – Japan and its private sector firms have in September this year, announced that they will invest $10 billion on liquefied natural gas (LNG) projects worldwide during the annual LNG Producer-Consumer Conference.
“On top of Japan’s commitment two years ago of investing or financing more than US$10 billion in energy supply chains, we are making a fresh commitment of additional and collective $10 billion funding from both public and private sectors,” said Isshu Sugawara.
That original $10 billion budget has been largely used up through spending or funding commitments to major projects such as LNG Canada, in which trading house Mitsubishi Corp (8058.T) has a stake, and Mozambique LNG project in which trader Mitsui & Co (8031.T) owns a stake, according to an official at the industry ministry.
The country has already trained over 400 experts since 2017, the METI official said.
The attack on state-owned Saudi Aramco oil processing facilities at Abqaiq (Biqayq in Arabic) and Khurais in eastern Saudi Arabia in September this year is a good example of how the tensions in middle east are affecting global energy supply.
The attack cut down Saudi Arabia’s oil production by about half – representing about 5% of global oil production – leading to widespread anxiety and a steep rise in global oil prices.