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(Bloomberg) — Tokyo Gas is in discussion with multiple US liquefied natural gas suppliers to secure a long-term purchase agreement, as rising energy demand leaves Japan increasingly dependent on the fuel source.
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Japan’s largest gas distributor is in talks with at least four companies over supply from projects dotting the US Gulf Coast, according to people with knowledge of the matter. The exporters include Energy Transfer and Commonwealth, according to the people, who asked not to be named because the information is private.
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Tokyo Gas didn’t immediately respond to emailed requests for comment. Energy Transfer also did not respond to Bloomberg queries, while Commonwealth declined to comment.
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The move comes as Japan prepares for a boom in power demand, thanks to data centers to support artificial intelligence and factories making semiconductor chips. The nation’s government sees LNG as vital to energy security, and Japanese importers have been in talks to purchase supply even past 2050.
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LNG from the US tends to be more flexible than supply from other countries, as it allows the buyer to easily divert shipments should domestic demand falter or prices become more attractive elsewhere.
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Tokyo Gas is also expanding into upstream US gas production. The company bought shale driller Rockcliff Energy in late 2023 and has reshuffled other US interests, with the recent acquisition of Chevron Corp. assets in East Texas and the sale of an Eagle Ford stake to Shizuoka Gas.
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