The Japanese government has signed an energy deal with Malaysia’s state-owned oil and gas company Petronas, which includes the supply of emergency liquefied natural gas (LNG) tanks.
Japan’s Ministry of Economy, Trade and Industry signed a memorandum of cooperation (MoC) with Petronas at an LNG producer-consumer conference in Tokyo on Thursday.
The memorandum includes consideration of joint upstream investment, technical cooperation to reduce global warming methane emissions, mutual assistance in fuel supply, and emergency use of LNG tanks.
Both sides agreed to discuss how to supply fuel to the deficient side, taking into account the different peak times of consumption in each country. Malaysia’s peak demand is summer, while Japan’s peak is winter.
Petronas also signed a memorandum of understanding with the Japanese government on Monday to strengthen cooperation in developing energy sources and technologies to achieve carbon neutrality by 2050. In addition, he signed a memorandum of understanding with the Japan Bank for International Cooperation to help expand cooperation.According to an international project with a Japanese company that statement.
Datuk Tenku Muhammad Tawfiq, President of Petronas said, “Japan has been an important and reliable partner since the days of its first LNG exports in the early 1980s, and this partnership has expanded to include new areas of cooperation in the clean energy sector. did.
Reducing LNG dependence on Russia
Japan has been considering measures to reduce its dependence on Russia, one of its largest LNG suppliers, in 2021 and avoid power shortages in winter, when heating demand is expected to surge.
In early July, Prime Minister Fumio Kishida warned of possible power shortages and urged Japan’s trade minister to bring nine nuclear reactors into operation by the coming winter.
“There is concern that [power] Supply and demand will be tight again this winter. This kind of situation must be prevented at all costs,” Prime Minister Kishida said at a press conference on July 14.
Nine reactors are expected to cover about 10% of total energy consumption. Prime Minister Kishida also ordered the government to secure 10 thermal power plants to stabilize Japan’s electricity supply.
After the Fukushima nuclear accident in 2011, Japan had allowed only 10 of its 33 operational reactors to restart. But rising energy prices and the threat of power shortages due to heatwaves are forcing the government to restart some reactors.
Energy Minister Yasutoshi Nishimura said last month that the country would promote the revival of the remaining nuclear power plants, which have been shut down since the 2011 disaster, to ensure a stable electricity supply for the country.
Reuters contributed to this report.