This is outrageous drivel:
Japanese energy companies are on-selling surplus Australian gas to allies in South-East Asia to shore up its influence in the region against China while securing its economic future as an energy trader.
Japanese power giants JERA, Mitsubishi and Tokyo Gas have stepped up gas purchases since 2021 to on-sell 38 million tonnes of Australian LNG – equivalent to about half of Australian imports – each year to the Philippines, Vietnam and India, where they have invested heavily in distribution infrastructure.
The little-known trading network was behind intense lobbying by former Japanese ambassador Yamagami Shingo for increased LNG development in Australia, despite a 25 per cent drop in Japanese demand between 2014 and 2023.
And? Most of this is coming from the West coast. WA already has domestic reservation and cheap gas, so long as they don’t stuff it up.
Three-quarters of East Coast LNG goes to China.
Tokyo Gas is the only Japanese equity partner on Queensland’s LNG monster, Curtis Island, at a meagre 2.5% of one LNG train.
If we reserve the 15% of East Coast gas exports that will cure us of all energy and decarbonisation evils, China will be by far the biggest loser and Japan will hardly notice.
Let’s not forget, either, that China is also re-exporting Aussie gas:
Mainland China emerged as the leading re-exporter in the Asia-Pacific region (1.0 million mt), overtaking Indonesia. Indonesia (0.9 million mt) continued its strong re-export activities, driven by TotalEnergies’ 2021 deal to use the Arun regasification terminal as a trading hub.
That’s half the East Coast gas we need to reserve right there.
As usual, your friendly AFR just can’t wait to screw Australians on behalf of the highest-bidding rent-seeker.
