Major oil trader Glencore and…
Analysts have revised their production…
Following the nuclear disaster in Japan last year the country closed down its entire nuclear energy sector, which accounted for about 30% of its energy production. Since then it has had to reply on increased imports of fossil fuels from other countries whilst it turns its energy industry around and develops alternative sources of energy to make up for the loss of nuclear power.
Qatargas, the largest producer of natural gas in the world with a production capacity of 42 million tonnes per year of LNG, has announced that it has increased its short term supply of LNG to Japan to over 20 million tonnes. The volume has been increased by 11 million tonnes from the original 9 million tonnes agreed last year.
Qatargas’ statement declared that, “this is a substantial commitment to the energy security of Japan and is evidence of the strong relationship Qatargas enjoys with its Japanese stakeholders.”
The 20 million tonnes is on top of the long term commitments to deliver around 13 million tonnes per year to Japan and China.
Khalid Bin Khalifa Al-Thani, the CEO of Qatargas, said that “being the world's largest LNG producer, we are demonstrating one of our fundamental marketing principles that Qatargas sells LNG to where it is needed the most. As of now, Qatargas has delivered LNG to 21 countries, with planned sales to several more in future.”
By. Joao Peixe of Oilprice.com
Joao is a writer for Oilprice.com