Japan ‘unlikely’ to buy on LNG spot market this winter

11/24/2008
Japan is unlikely to purchase further cargoes of LNG on the spot market this winter, according to Akio Nomura, chairman of Osaka Gas Co. Ltd. and the Japan Gas Association. “I do not foresee further spot purchases unless the electricity market experiences dramatic changes,” Nomura told reporters on the sidelines of the Gas Information Exchange for the Western Pacific (GASEX) 2008 conference in Hanoi.Nomura added that such a change might be something like a nuclear plant outage, but otherwise, in the longer term, Japan’s demand for gas is likely to fall given the impact of the financial crisis on the economy.“We have not yet seen the direct impact from the crisis as...

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