Japan’s Mitsui & Co Ltd plans to expand its liquefied natural gas (LNG) trading operation as demand for the cleaner fuel spurs more spot transactions in Asia, a senior executive told Reuters.
The move comes amid a big shift in the market in Asia, which takes in about 70 per cent of global shipments of LNG, with traders and end users increasing their ability to trade in anticipation of a supply influx from Australian and U.S. projects.
Utilities such as Tokyo Gas and Kansai Electric Power that often tie up with Mitsui and other Japanese trading houses are expanding trading operations after winning more flexible terms on contracts, allowing them to resell excess cargoes, something unheard of only a few years ago.
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