Japan's Sakhalin-2 LNG Contracts

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Tokyo Gas

Reuters

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Analysis-Rival LNG supplies, Sakhalin's depleting fields give Japan an exit from Russian gas

Summary

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76% Informative

Japan 's long-term contracts to secure liquefied natural gas from Russia 's Sakhalin-2 project near expiration.

Japan depends on Russia for 9% of its LNG , or 6 million metric tons per year, 5 million of which come from the long term contracts.

Japan 's declining demand for gas plus geopolitical pressure on Tokyo to curb its reliance on Russia means Japanese buyers may not want to renew all of their contracts with a supplier.

Supplies from new projects in Alaska and western Canada are well-positioned, only a few days further away from Japan by sea.

Sakhalin-2 project plays "a very important role in Japan 's energy security", Japan 's industry ministry says.

Japan has locked in LNG supply to meet demand through 2030 , a research director says.

Gazprom has bet on developing the Yuzhno -Kirinshoe offshore field nearby, but the U.S. imposed sanctions on it in 2015 .

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formal

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English

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