Japan is considering setting up a strategic reserve of liquefied natural gas, as the import-dependent nation ramps up efforts to make sure it has enough of the fuel amid intensifying competition.
The government will propose a plan to secure a so-called strategic buffer LNG, with authorities supporting local companies to buy excess supply for energy security, according to a government document that outlines the proposal and seeks feedback.
Proposals come as Europe looks for alternatives to Russian gas and as many nations step up efforts to secure supplies of the fuel, used for electricity generation and heat. Germany recently signed a long-term deal with Qatar, which had been a major source of Japan’s imports.
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