Japan LNG consumption to hit record highs in 2014 and 2015

Japan LNG consumption to hit record highs in 2014 and 2015 Japan, the world's biggest consumer of liquefied natural gas (LNG), is expected to reach a record-breaking natural gas consumption of 91.1 million metric tons in fiscal 2014-15, Platts reported.

Japan's Institute of Energy Economics (IEEJ) projected domestic demand for LNG will have two record-high years back to back with 90.2 million metric tons in the year ending March 2014, with an anticipated increase of 1 percent in March 2015.

"These growth numbers for natural gas and coal are not marginal figures if you think about Japanese energy supply," Akira Yanagisawa, manager for IEEJ's energy demand, supply and forecast analysis group, told reporters.

After Japan began shutting down all of its nuclear power generation capacity in 2011, the country has exhibited greater demand for LNG to compensate. In 2012, Japan consumed about 37 percent of the world's LNG, according to the U.S. Energy Information Administration. The EIA said a third of the country's LNG imports are sourced from countries in Southeast Asia.

The IEEJ aims to restart up to 16 nuclear reactors by the end of March 2015, according to Platts.

More information on the LNG industry outlook in Japan can be found on PennEnergy's research area.

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