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Japan to invest $10 bln in LNG, breaking dependence on Mideast oil
Japan’s public and private sectors will invest $10 billion to encourage the broader use of liquefied natural gas (LNG) across the world, the Nikkei reported on Tuesday, because of concerns about stable crude oil supply from the Middle East.
Japan’s government aims to lessen its dependence on oil from Middle East after drone attacks on Saudi Arabian oil facilities on Sept. 14, with its crude oil imports coming from the region at roughly 90%.
The country’s industry minister Isshu Sugawara will make an announcement of the plan at the LNG Producer-Consumer Conference in Tokyo on Thursday, the newspaper said.
The $10 billion will come from public-sector financing and investment from bodies such as the Japan Bank for International Cooperation and the state-backed Japan Oil, Gas and Metals National Corp as well as private trade houses and financial institutions, according to the Nikkei.
With the $10 billion, Japan plans to fund projects such as processing plants, receiving terminals and power generation, the Nikkei said.
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