An LNG tanker. South Korean and Japanese buyers are seeking more flexible contracts. (Kogas)
Declining domestic demand is pushing Japanese and South Korean LNG buyers towards short-term and more flexible contracts, but these alone cannot support new export projects. It is therefore up to a new set of buyers in countries expecting long-term LNG demand growth to sign the foundation contracts for new projects.
Japan’s Jera, the world’s biggest LNG buyer, is unlikely to sign many long-term contracts for additional LNG supplies because of the declining demand it is facing on the domestic market, according to Hiroki Sato, Jera’s senior executive vice president and chief fuel transactions officer.
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