Japan’s Jira will not renew long-term gas contracts with Qatargas 1...

Satoshi Onoda, head of JERA, the largest electricity generation company in Japan, said that his company will not renew its long-term contracts in the “Qatargas 1 project” for liquefied natural gas, which expire next December.

Onoda added, “It has become difficult for us to continue with large long-term contracts due to the developments in the liquefied natural gas market, the global trend of decarbonization and the liberalization of local electricity and gas markets,” according to Reuters.

Jira imports about 20% of the total natural gas imports from the Qatargas 1 project.

It is one of the largest buyers of liquefied natural gas in the world, with about 30 million tons in the fiscal year ending in March 2021.

Qatar is one of the main suppliers of liquefied natural gas to Japan, with an average of 7.25 million tons of liquefied gas annually according to long-term contracts, in addition to more than 10 million tons of additional liquefied gas through spot contracts within two years.

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