Nippon Steel paid about 1.4 thousand dollars per thousand cubic meters of gas.
Japan's Nippon Steel Corp. will receive a shipment of liquefied natural gas (LNG) worth about $135 million in September. Bloomberg calculates that the company had to pay the highest price for LNG in Japanese history. A thousand cubic meters of gas cost about $1,400.
The country is forced to buy gas at such a high price due to the global energy crisis that was triggered by the sanctions imposed on Russia. Japan is already experiencing problems with electricity, while trying to avoid shortages, authorities have called on citizens and businesses to reduce electricity consumption.
This year, Japan could become the largest LNG importer. There is a possibility that the country will return to operation nuclear power plants.
There are also serious problems with oil in the country. Japanese Foreign Minister Yoshimasoy Hayashi, during talks with Saudi Arabian Foreign Minister Faisal bin Farhan Al Saud on Tuesday, July 19, asked Riyadh to increase crude oil production to stabilize the global market.