Japan’s industry minister Ryosei Akazawa on Saturday asked Australia, Japan’s biggest supplier of liquefied natural gas, to boost output in light of the conflict in the Middle East.
Japan relies on the Middle East for around 11 per cent of its LNG imports, with six per cent shipped via the Strait of Hormuz, which is effectively closed due to the US-Israeli war on Iran. Japan also depends on the region for about 95 per cent of its crude oil supplies.
Some 20 per cent of global LNG supply is offline as the US-Israeli war on Iran has shut QatarEnergy LNG facilities, disrupting energy supplies from the Middle East. It could take months to return to normal deliveries, Qatari Energy Minister Saad al-Kaabi said last week.
“For this unprecedented situation, the affordable and stable LNG supply from Australia is the lifeline of energy security in Japan and this region,” Akazawa told Australian Resources Minister Madeleine King during their bilateral meeting.