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JERA Creates Singapore Subsidiary to Manage LNG and Low-Carbon Fuel Operations
Japan's largest LNG importer announced the formation of a new wholly owned unit to handle global trading activities. The subsidiary will oversee LNG, upstream, shipping and lower-carbon fuel businesses from its base in Singapore.
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JERA announced on July 1 the creation of a wholly owned subsidiary named JERA Global Energy Solutions. ZeroHedge reported that the new company will develop and manage the Japanese utility's LNG, upstream, low-carbon fuels and shipping businesses. JERA Global Energy Solutions will be headquartered in Singapore.
It will focus on building a stable and diversified long-term LNG portfolio that balances supply sources with market opportunities while advancing lower-carbon fuels such as ammonia and hydrogen, the company said. The subsidiary will maintain close coordination with JERA's power generation and domestic energy market functions.
Existing long-term LNG and lower-carbon fuel business activities will transfer gradually according to a planned schedule.
JERA is Japan's biggest LNG importer and largest power producer. Last month the company signed a 20-year contract with Malaysia's Petronas for the annual supply of 2 million tons of LNG beginning in 2028. JERA last year outlined plans to triple its U.S.
LNG purchases to as much as 5.5 million tons annually. That volume would represent a 10 percent increase on current U.S. imports and account for one third of the company's total LNG purchases. Japan ranks among the world's most energy import-dependent countries.
