Japan’s trading houses have been looking to boost their LNG businesses on expectations demand will last for longer than anticipated as the fossil fuel acts as a bridge in the transition to intermittent renewables. The move also comes as Japan — the world’s second-largest LNG buyer — may need more gas in the future as the AI boom lifts power demand.
Pacific Summit is also in discussions to secure at least one long-term LNG purchase agreement for about one million tons per year from US projects, according to people with knowledge of the matter who asked not to be named due to the sensitivity of the matter. Sumitomo declined to comment on this.
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