India and Japan are considering joint tenders for the import of liquefied natural gas (LNG) in a bid to reduce the price of LNG imports in Asia, which is currently four times more expensive than in the US.
Increased demand for LNG in Asia, the world’s largest importer of LNG, has seen prices rise accordingly as countries such as Japan and South Korea wean themselves off nuclear energy, and China try to reduce reliance on coal.
With prices now near record levels, India and Japan are seeking ways to quell the cost of importing gas. In September, the two countries agreed to analyse ways of jointly buying LNG supply. A joint tender has been identified as one potential option.
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