METI: METI and the Ministry of Trade and Industry of Singapore Sign a Memorandum of Cooperation (MoC) on LNG Cooperation and Energy Transitions

On October 26 (Wed.), 2022, the Ministry of Economy, Trade and Industry (METI) and the Ministry of Trade and Industry of Singapore signed an MoC on LNG cooperation and energy transitions.

The global supply-demand balance for LNG is tightening, and some Asian countries are unable to purchase enough LNG. In light of this situation, both countries have come to a common recognition of the importance of the role LNG plays in a stable energy supply and energy transitions, and the need for investment in this field.

METI and the Ministry of Trade and Industry of Singapore have agreed to jointly invest in LNG as a transition energy source and to cooperate with each other in the field of LNG in the event of a crisis. The MoC aims to promote cooperation in the LNG sector and energy transitions, including joint investment and cooperation in times of crisis, and to link the knowledge gained to upstream investment and a stable supply of hydrogen and ammonia. Going forward, both countries will further promote cooperation and take all possible measures to ensure a stable supply of LNG.