Qatargas LNG pumps up Japan volumes after nuclear shutdowns
Extra LNG set to offset nuclear shutdowns
State controlled Qatargas is sending more that 60 additional LNG cargoes to Japan over the next 12 months, the company said over the weekend, which equates to around 4 million tonnes a year (t/y) of extra imports.
This compares with forecasts of 6m-10m t/y of additional demand to plug around 10 gigawatts of nuclear power outages in the earthquake-ravaged country. And although long-term LNG prices are expected to rise because of this extra demand, the reaction in the spot market was more subdued on the back of the Qatargas deal. “While I was in Japan, I could see for myself the urgency to help so we need to move quickly. These additional cargoes of LNG will be supplied to a number of our long-term customers over the next 12 months. The first of these cargoes was discharged whist I was still in Japan and I expect further sales,” Qatargas chief executive officer Khalid Bin Khalifa Al-Thani said after visiting the country last week.
Since a the earthquake and tsunami in early March,
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