G-7 eyes LNG market, agree to continue energy investment

TOKYO, May 2 (KUNA) — Energy ministers from the Group of Seven (G-7) industrialized nations shared the view on Monday that it is necessary to establish trading markets for liquefied natural gas (LNG) with higher transparency. According to a joint statement released after the two-day meeting in the southwestern Japanese city of Kitakyushu statement, G-7 nations aim to establish a system through the International Energy Agency (IEA) to share information on supply and demand conditions, and transportation routes to avoid gas supply shortages.
“We ask the IEA to report back to us on its intensified work on gas security, including improving global gas supply and demand data and projections, conducting resiliency assessments and launching its new regular gas market report,” the ministers said.
G-7 groups Britain, Canada, France, Germany, Italy, Japan and the US. Amid concern that sliding energy prices could slow investment in new resource development projects, the ministers confirmed the importance of sustained upstream investment, both public and private, for ensuring long-term sustainable energy supplies to support the growth of the global economy. They also vowed to continue to take a leading role in enhancing global energy security. At a press conference, Japan’s Economy, Trade and Industry Minister Motoo Hayashi, who chaired the meeting, noted the participants put focus on energy security for global growth.
“We had intensive discussions. Through investment in resource development and other high-quality energy infrastructure, G-7 nations will support continued growth of the global economy,” said Hayashi.
The Japanese minister expressed Japan’s intention to create a hub of international market for international trades of the gas by the early 2020s.
Japan, the world’s largest LNG importer by volume, has been hoping to bring down LNG price. The ministerial meeting comes ahead of the G-7 summit on May 26-27 in Japan. (end) mk.tg

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