Japan Urges Russia to Lower LNG Prices

Japan has asked Russia to lower the price of LNG the gas rich nation supplies to its eastern neighbour, reports Kyodo News.

According to the news report, Japan’s Economy, Trade and Industry Minister Toshimitsu Motegi asked for “a competitive price” for LNG from Russia in a meeting with Russian Energy Minister Alexander Novak, noting Japan is expected to start importing lower-priced shale gas from the United States in 2017.

Japan has seen a rise in usage of LNG as a replacement for nuclear power after the tsunami led to the closure of destruction and closure of the Fukushima nuclear plant.

The Asian nation says it is paying relatively higher prices for LNG imports from Russia, adds Kyodo.

In response, Novak pointed to the need for well-balanced pricing that reflects international market trends, Kyodo quotes officials as saying.

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