The Ministry of Economy, Trade and Industry (METI) of Japan has announced that the public and private sectors will invest US$10bn in LNG projects around the world. Japan had already announced plans to invest US$10bn to bolster energy supply chains: this new commitment doubles Japan's planned investments, as part of the country's strategy to diversify its energy supply and to reduce its reliance on energy from the Middle East.
Japan is the world's largest LNG importer, with 114 bcm imported in 2018, which represents more than one-third of the world's total LNG trade. The country's main LNG suppliers are Australia, Malaysia and Qatar (35%, 13.5% and 12%, respectively, in 2018). Throughout 2018, Japan secured a multitude of long-term LNG contracts totalling 135 bcm/year (of which 49 bcm/year from Australia, 24 bcm/year from Malaysia, and 12 bcm/year from Qatar). So far in 2019, Japan started 14 new contracts for a total plateau volume of 11 bcm/year, of which 76% from the United States. Japan has 41 operating LNG regasification terminals, with a total capacity of 208 bcm/year. The most recently commissioned terminals are Soma LNG (1 Mt/year) in March 2018 and Toyama-Shinko in 2018.
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