On June 7, Japan’s Ministry of Economy, Trade and Industry (METI) and the European Commission’s Directorate-General for Energy decided to launch cooperation on gas and LNG market, expecting that it will contribute to promoting the development of transparent and liquid global gas market driven by supply and demand fundamentals.
Overview and objectives
The environment surrounding gas and LNG market has been undergoing dramatic changes, represented by a shale gas revolution in North America, the increase of gas demand in Asia, and the rising share of LNG in Europe, in recent years. Despite the fact that the gas price in North America has been declining due to the shale gas revolution, Asian LNG consuming countries and some European countries face the rising price of natural gas, which would affect their competitiveness and result in a high gas import expenditures. In response to such common challenges, Japan and Europe share the need for the development of transparent and liquid global gas market driven by supply and demand fundamentals, while maintaining secure and stable supply.
Considering the background, Japan’s Ministry of Economy, Trade and Industry (METI) and the European Commission’s Directorate-General for Energy decided to launch cooperation on gas and LNG market with the following objectives:
The cooperation project includes the following activities:
[mappress] LNG World News Staff, June 07, 2013