Japan has bought the most expensive gas shipment in its history. Local company Nippon Steel Corp purchased liquified natural gas (LNG) for $1,400 per 1,000 cubic meters. In general, the cargo cost about $135 million. According to the terms of the contract, the most expensive LNG shipment ever purchased by the country will be delivered to Japan in September. In the face of the global energy crisis, competition in the LNG market has intensified. With demand for LNG and energy security risks growing, resource-poor Japan had no other choice but to pay the highest price.

This year, the country is likely to become the world’s biggest LNG importer as the local authorities are taking all necessary measures to avoid power shortages. The government has already asked businesses and households to cut electricity consumption and is even thinking about restarting nuclear power plants. In mid-June, Hagiuda Koichi, the Minister of Economy, Trade, and Industry, said he would again ask the United States and Australia to boost the output of LNG and ensure a stable supply to the country.