Asia (bbabo.net), - Liquefied natural gas prices on the spot market in Asia exceeded $60 per 1 million BTU (British Thermal Unit) on Monday, three times higher than last year's level. This is evidenced by CME Group data on the JKM index (Japan Korea Marker Platts. The index reflects the cost of LNG supplies to Japan, South Korea, China and the island of Taiwan.

LNG prices in Asia follow the rise in the cost of LNG, as well as pipeline gas in Europe, after Gazprom announced that Nord Stream supplies will be completely stopped from August 31 to September 2 due to repairs the only gas-pumping unit remaining in operation.

Intense competition in the market also contributes to the growth of LNG prices. As the Japan Oil, Gas and Metals National Corporation (JOGMEC) noted, Japan and South Korea, the world's largest LNG importers, are trying to maximize their stocks before winter.

Under conditions of uncertainty, developed countries are offering such a high price for the cargo that some developing countries cannot afford it, Noriaki Oba, founder of the Japanese Post-Oil Strategy Institute, told TASS. According to him, already at $ 50 per 1 million BTU, it makes no sense to use LNG; Pakistan and Bangladesh are facing power outages, according to the Nikkei newspaper.

By winter, the Ministry of Economy, Trade and Industry of Japan, according to Nikkei, plans to create a system in case of a lack of LNG, which is not currently predicted, to redirect liquefied gas between gas companies in the event of depletion of reserves of individual firms. The Government is expected to act as the coordinator of such processes.

In addition, the department is discussing measures to save gas, including gas companies may be asked to provide incentives to customers for reducing consumption. According to the publication, the issue of limiting the use of gas by large companies in the event of a shortage of fuel may also be considered.

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