Governments across Asia are formulating strategic natural gas reserve policies, building new terminals and storage tanks as buffers against supply disruptions following last year's energy crisis that sent global prices soaring to a record.
The push to develop storage illustrates that Asian gas consuming nations are taking steps to avoid repeating the pitfalls that arose from last year's crisis, which left buyers flatfooted in their response to the surging prices.
Japan's Ministry of Economy, Trade and Industry is currently selecting companies which would buy and store LNG - with volumes equivalent to at least one tanker a month - from December to February, when heating demand typically increases, a ministry official told Reuters.In the event of a supply disruption, METI will direct the companies to sell the stored gas to local utilities, he added.
India is studying various options including the use of abandoned gas wells and underground storage, oil secretary Pankaj Jain said on Tuesday. India has also reached out to a few firms to help build its gas storage, he added. South Korea and Taiwan, respectively the world's No. 3 and 4 LNG importers, are building new terminals and storage facilities to boost stockpiles.
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