Mitsui Considers Stake in Qatar's North Field LNG Expansion Project
(Reuters) — Japanese trading house Mitsui & Co is considering buying a stake in the North Field LNG expansion project in Qatar as a way to ensure a stable supply of LNG, a Mitsui spokesperson said.
"We have always said that we would consider investing in any quality LNG projects, and the North Field is one of the projects," the spokesperson said, but declined to give further details.
Japan is seeking to diversify energy sources and sign more term contracts for the super-chilled fuel to ensure a stable supply following an energy crisis caused by the war in Ukraine.
Earlier this month, the Nikkei business daily reported that Mitsui was looking at taking a stake in the North Field as part of a Japanese consortium in which JERA might consider participating.
JERA, Japan's largest power generator and biggest LNG buyer, is in various discussions with Qatar as the Middle Eastern country is an important LNG supplier, a JERA company spokesperson said, but declined to elaborate.
As for a long-term purchase agreement for LNG, JERA is in talks with various suppliers, including Qatar, the JERA spokesperson said, but declined to give any details of the discussions.
Japan was the world’s biggest LNG importer in 2022.
Japanese Prime Minister Fumio Kishida agreed to strengthen energy ties and economic cooperation with Qatar in July when he visited the major gas producing country.
QatarEnergy has said it expects to sign supply contracts for nearly all of the new North Field volumes in 2023. Japan gets the bulk of its fossil fuel supplies from the Middle East.
On Wednesday, the JERA's trading unit and Abu Dhabi's ADNOC Gas said that they signed a LNG agreement valued between $500-700 million.
Related News
Related News
- Army Corps Lists Enbridge’s Line 5 as ‘Emergency’ Project Eligible to Bypass Environmental Review
- Missouri Loses Control Over 1.5 Million-Mile Gas Pipeline Network as Feds Step In
- 1,000-Mile Pipeline Exit Plan by Hope Gas Alarms West Virginia Producers
- ONEOK, MPLX to Build $1.4 Billion LPG Export Terminal, Pipeline in Texas
- Greenpeace Ordered to Pay $667 Million to Energy Transfer Over Dakota Access Pipeline Protests
- Army Corps Lists Enbridge’s Line 5 as ‘Emergency’ Project Eligible to Bypass Environmental Review
- Kinder Morgan Approves $1.4 Billion Mississippi Crossing Project to Boost Southeast Gas Supply
- India’s GAIL Eyes U.S. LNG Deals Following Trump’s Policy Shift
- TC Energy Beats Q4 Profit Estimates, Driven by Mexico Pipelines' Success
- Colonial Pipeline's Main Gasoline Artery Shut for Leak Investigation Through Friday
Comments