On August 29, local time, Reuters quoted sources as saying that Japan, the world’s largest importer of LNG, received the first batch of LNG imported from China in July.
Reuters reports that this fact illustrates the increasing flexibility of the Asian LNG market. With the increase in domestic natural gas consumption, China has become the world’s second-largest importer of LNG. However, due to the decline in natural gas consumption in the summer, China began to re-export natural gas, while Japanese customers purchase natural gas in order to reduce energy costs.
According to sources, 70,560 tons of liquefied natural gas was shipped from Hainan Terminal operated by CNOOC and arrived at a dock of Toho Gas, a company near Japan’s Nagoya, and JERA, Japan’s largest power generation company.
Reuters said that this is the first time since 1988 when Japan began publishing import and export statistics, it imported liquefied natural gas from China.
However, for the above news, Toho Gas declined to comment, and CNOOC did not immediately respond to the request for comment.
At present, with the new round of supply from the US and Australia flooding into the market, the price of Asian spot LNG has fallen to near historical lows in recent weeks.