Japan using Australian gas to shore up regional influence

| Japanese energy companies are on-selling surplus Australian gas to allies in South-East Asia to shore up its influence in the region against China while securing its economic future as an energy trader.

UBS expects this to drop by a further 25 per cent by 2030 as more renewable and nuclear power comes online. And Japan is in direct competition with China’s Belt & Road Initiative, which helps finance and operate ports, airports, telecommunications and energy assets such as LNG receiving terminals and gas-fired power plants.Japan and China have already butted heads in Laos, which is positioning itself as the “battery of South-East Asia”. There, Japan’s Kansai Electric Power operates a hydroelectric plant which exports more than 80 per cent of its electricity to Thailand.

Tatsuya Terazawa: “We want to make sure the South-East Asian countries s do not depend on any single supplier.” Over-contracting and the reselling of gas is expected to rise in the coming years. METI has set a target for Japanese companies to buy and sell 100 megatons of LNG by 2030, well above the projected domestic demand. LNG sales by Japanese companies to third countries has increased two and a half times since 2018. According to IEEFA, the volume of LNG sold abroad is half of the volumes sold domestically in Japan.

In 2021, JERA, Japan’s largest electricity producer and one of the world’s largest importers of LNG, bought a 27 per cent stake of Aboitiz Power in the Philippines. Earlier this month, an executive at JERA

Source: News Formal (newsformal.com)

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