Japan plans to create global gas reserves to stabilize prices
2023/7/19
The Japanese government will advise the International Energy Agency to create a gas reserve framework for member countries, according to people familiar with the matter. The proposal will be presented at a meeting in Tokyo on Tuesday, according to one of the people, who asked not to be identified because the details are private.
Japan's trade ministry, which is co-organizing the LNG producer-consumer conference with the International Energy Agency, did not immediately respond to a request for comment on Monday, a public holiday in Japan.
The Japanese government plans to include its gas reserve proposal on the agenda of the International Energy Agency's ministerial meeting next February. The IEA has asked member states such as the US and Japan to hold oil reserves equivalent to net imports for at least 90 days in an emergency, while Japan's proposal aims to create a similar strategy for gas reserves.
Geopolitical conflicts upended global gas markets last year, sending gas prices to record highs and raising concerns about the security of the fuel supply. At the G7 summit earlier this year, Japan and Germany pushed the agenda for preserving the possibility of public investment in gas.
EU member states have set gas storage targets, but a global framework does not yet exist. Storing the fuel for longer periods of time could pose challenges for Asian countries such as Japan and South Korea, as they are often in the form of liquefied natural gas, which tends to escape over time.
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