Japanese compressed natural gas ( LNG ) importers are creating a trade pact to try to create a spot market based on supply and demand . Tokyo Electric gas and Chubu Electric industries are co - operating on contract basis with suppliers of up to 300 million metric tonnes of LNG , about half of the country 's consumption . Currently , LNG is price - linked to oil , despite it being significantly cheaper than oil on an oil - equivalent basis . Japan continues to be a record - breaking importer of the gas after mothballing its nuclear power industry in the wake of the Fukushima disaster .
Japanese liquefied natural gas (LNG) importers are creating a buying pact to try to create a spot market based on supply and demand. Tokyo Electric Power and Chubu Electric Power are co-operating on contract talks with suppliers of up to 40 million metric tonnes of LNG, about half of the country's consumption. Currently, LNG is price-linked to oil, despite it being significantly cheaper than oil on an energy-equivalent basis. Japan continues to be a record-breaking importer of the gas after mothballing its nuclear power industry in the wake of the Fukushima disaster.