Banning Russian LNG imports tough without supply alternatives: trade minister

Nadrew, yep, become energy independent or at least much less dependant on imported energy, who would have thought! This should have been done long ago, Japan has huge natural energy resources untapped. With a little forward planning none of this would even be a consideration and Japan would be well on its way to meeting its climate change targets while making itself more secure rather than dependant on an untrustworthy country that it is technically still at war with and still illegally occupies some of its islands.

Japan should go all in transitioning to renewable energy. Wind, solar and thermal. Also, battery and pumped storage.

Israel will emerge as the alternative source of energy for many countries and this will be the hook in the jaw of Putin to bring him to the mountains of Israel. Russia will lead a coalition of nations including Turkey, Iran, Sudan, Libya and the stans countries where they will meet their end because Israel will be supernaturally defended by God himself.

The Japanese government will back LNG projects in the United States by providing financial support to Japanese firms that take part in the projects, he added.

By the time the Japanese firms get their acts together to take part we will be 2 more years down the line.

Is Hagiuda going to make the populace of Japan suffer while he works out his brown envelope plan?

@mixed. They are mostly all past use by dates, on major fault lines and many cannot survive a 26m tsunami like the one that destroyed Fukushima Daichi, which is still melting through, with no known technology to stop it. So maybe not such a good idea. Just don’t be bullied by US and carry on as normal.

I'm quite shocked to notice no mention of the fact that Qatar has the single most significant amount of LNG on the planet. In fact massive ships have been built for this very purpose, to export their huge supply of LNG.

I'm sure they will be happy to supply whatever is needed. I thought Japan even built the ships...am I imagining all that ?

This is how Western/Western led politics is played.

If i need it/benefits from it, i will do it, regardless of whether its right/wrong, morally, or otherwise. Once i do not need it/benefits from it, not only will i stop using it, i will also forbid/stop others from using it/benefiting from it, even if i have to sanction them/those who continue using it/benefiting from it.

Can you see the hypocrisies/ lack of integrity????

If only there were dozens of idle nuclear reactors lying around so we could replace the 24% of Japan's energy mix made up by LNG...

"If all parties (of the G7) take simultaneous action (to ban Russian LNG imports) without securing alternative sources, the world economy, including the energy (sector), will be thrown into chaos.

Might be the smartest man in the Japanese government, he is totally correct. All sanctions up to this point have mostly backfired, the ruble is the strongest it has been in years while western nations are all struggling. Particularly the EU.

One of the reasons the sanctions against Russia over Crimea were much more effective was because the US managed to flood the market with cheap oil at the same time, a feat they were not able to repeat. It felt like American entreaties to Saudi Arabia and Venezuela were badly managed afterthoughts, not even considered beforehand.

Unless they have significant deals for alternatives lined up, they'd only be shooting themselves in the foot. Meanwhile the rest of the world gets beneficial trade terms.

"Japan's trade minister said Tuesday it would be difficult for the Group of Seven nations to ban Russian liquefied natural gas imports unless alternative suppliers can be found."

I like how he says it would be difficult "for the Group of Seven" instead of just saying Japan. Other nations, including some in the G7, have already done or are doing it. Didn't seem too tough.

@noriahojanen

Japan has to import the fuel for nuclear power plants, and quite a big part of it comes from countries in security pact with Russia. Expanding on nuclear power, means expanding on imports, and Japan can't safely 'punish' Russia while it relies on Russia's allies.

Let's use wood for the sake of Ukraine! Buying anything Russian is the only way to stop Russia from invading beautiful Ukraine who is being led by handsome president.

Not too long ago Putin signed a decree for making economic retaliation, I wonder what that would look like.

I bet they'll stop supplying the US with uranium at the very least.

Russia is selling at discounted prices. Now’s the time to sign a secured 20 year contract. We can save 20% off Middle East supplies and if an Iran War breaks out, we will have no energy.

Stop whining about higher prices and product shortages.

You asked for sanctions against Russia and now it's time to pay for them.

You're the one who pays, not Kishida or his friends.

Reactivate immediately some nuclear power plants that have remained idled for long without a valid reason, despite approval by safety agency officials.

This move will also help push down or normalize LNG prices in the global market, smashing illicit speculative trading.

Only 8.8% LNG from Russia is extremely low when one considers how close Sakhalin is. Good to see that Japan was wiser than Germany and Italy by diversifying its suppliers of oil and gas. Depending on Australia for the bulk of its LNG was a very smart move.

Right. Japan does not want to be inconvenienced.

There is a plan B but they really want to say not because they are all thinking “you know we got coal!!!!. Plan B consist of committing to long term contracts at higher prices and committing finance for long term linguistic plan which all eats into their project margins. So soon we’ll start the conversation of extending the use of coal. I also assume this mob (G7) are the ones leaning of the inflation levers to bring on the coal debate.

One indication of the current value of this commodity?

Two years ago, French utility Engie, concerned over emission containment, proudly acting on their long-term renewable energy plans in the European Union, announced their plan to reduce long-term LNG purchases. So, the company suspended talks with NextEra on a long-term LNG supply contract.

Last month, the French utility sealed a 15-year deal with a U.S. LNG exporter.

As an analyst for OilPrice[dot]com recently pointed out, summer, being just two months away for the northern hemisphere, like winter, is a top demand season in that hemisphere, especially in the warmer parts of the United States, for cooling. Meaning higher demand for exports will continue hand in hand with higher U.S. domestic demand. Gas prices may yet remain off the charts for a while.

EU natural gas futures traded higher today, nearing the €100 per megawatt-hour mark after hitting an intra-day low of €89.75. On the positive side, for Europe, weather forecasts point to warm weather during the fortnight ahead, while imports of LNG remained ample. Regasification terminals in the continent have been filling up with the ultra-chilled fuel and some operated above their planned capacity from the previous week.

Technically still at war with Russia for over 70 years and nobody thought wait a minute? This might not be a good idea to be so reliant on Russia as a source of energy.

No plan B? After all those meeting’s?

Banning Russian LNG imports tough without supply alternatives: trade minister

Sanction and more sanction, yes! Alternatives supply? chotto.