Thursday, September 28, 2023
Oil & Gas

Japan and Thailand agree on LNG sharing to boost energy security

Japan’s industry minister Yasutoshi Nishimura and Thailand’s energy minister Supattanapong Punmeechaow have signed a memorandum of understanding to share liquefied natural gas (LNG) in times of serious shortages to boost energy security.

The MOU, signed in Bangkok on Wednesday, is also targeted at enhancing cooperation between Japan and Thailand to buy LNG and make related investment at a time when energy security is being threatened due to global volatility and market dislocation following Western-led economic sanctions on Russia.

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At their meeting, Nishimura noted that Thailand provided Japan with LNG last winter when electricity supplies tightened in Japan, reported Nippon.Com.

“It is very important for the (Japanese and Thai) governments to establish a relationship of cooperation, for example, to ensure smoother intercompany business operations,” Nishimura said.

Both Japan and Thailand are heavily dependent on LNG imports from overseas producers.

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