Ministry Of Economy Trade And Industry News

14 May 2020

Japan Spot LNG Import Prices Hit Record Low

Image credit - alexyz3d/AdobeStock

Prices for spot liquefied natural gas (LNG) cargoes imported into Japan, the world's biggest buyer of the fuel, fell in April to their lowest since the country's trade ministry started compiling data in 2014. The latest low for LNG cargoes into Japan - reflecting actual prices paid rather than those derived from surveys or indices - highlights the evisceration of demand for gas, along with other commodities, brought about by the coronavirus pandemic. The outbreak has turned markets on their heads, with U.S.

13 Mar 2020

Japanese Wind Fans Bank Interest

Domestic and international lenders are vying for a slice of Japan’s nascent offshore wind power sector, which is expected to provide as much as ¥3trn (US$29bn) in project financing opportunities, albeit at very low margins.Akita Offshore Wind completed the nation’s first fundraising for a major offshore wind project last month, raising ¥80bn to build wind turbines near two ports in western Japan.Auctions for sites off Japan's shores are due to kick off in April, and lenders are…

21 Nov 2019

MOL Orders Japan's 1st LNG-Fueled Ferries

Image: Mitsui O.S.K. Lines, Ltd.

Japanese shipping giant Mitsui O.S.K. Lines (MOL) and its subsidiary Ferry Sunflower Limited have unveiled plans to construct Japan’s first two LNG-fueled ferries.Mitsubishi Shipbuilding will receive the order for the newbuild ferries that are designated to serve the Japanese market.Ferry Sunflower will charter the ferries after delivery and launch them on its Osaka-Beppu route from the end of 2022 through the first half of 2023, as replacements for vessels currently in service.The…

17 Apr 2019

JAPEX Begins Drilling at Offshore Hokkaido

Image of the sea drilling rig "ENSCO 8504" using the project, provided by Ensco Rowan plc

Japanese hydrocarbon exploration, production and transportation company, Japan Petroleum Exploration Co., Ltd. (JAPEX) has started the exploratory drilling at offshore Hidaka area of Hokkaido.The drilling job is a part of the offshore exploration project commissioned by the Agency for Natural Resources and Energy of the Ministry of Economy, Trade and Industry (ANRE).This project is aiming to evaluate the presence of oil and natural gas resources in the area based on the analysis…

18 Nov 2018

PGS Offers Seismic Vessel to Japan

Image: PGS

Norwegian seismic services provider Petroleum Geo-Services (PGS) has offered to sell the Ramform Sterling vessel to the Japan Oil, Gas and Metals National Corporation (JOGMEC).The seismic services that help oil companies to find oil and gas reserves offshore worldwide said in a press release that it had been informed that JOGMEC, an incorporated administrative agency of Ministry of Economy Trade and Industry, is the preferred tenderer and that negotiations would be initiated with the aim of concluding necessary contracts."PGS has now been informed that the Company is the preferred tenderer…

22 Jul 2016

Ship of the Year Award for NYK Vessel

Image of LNG-fueled tugboat Photo NYK

Japan's first LNG-fueled ship, Sakigake, which is a tugboat owned by NYK has been recognized with a Technology Special Award at the 2015 Ship of the Year Awards sponsored by the Japan Society of Naval Architects and Ocean Engineers (JASNAOE). An awards ceremony was held on July 7 at the Kaiun Club in Tokyo. This is the 26th year that JASNAOE has recognized the most technically advanced, well-designed, and socially conscious vessels built in Japan, and Sakigake was noted by manufacturers and related organizations for the tugboat’s environmental performance…

17 Jun 2016

NYK Selected “Competitive IT Strategy Company”

leftmost in second row, Hidetoshi Maruyama, Director, Senior Managing Corporate Officer of NYK Photo NYK

The NYK Group has been selected by Japan's Ministry of Economy, Trade and Industry (METI) and the Tokyo Stock Exchange (TSE) as a “Competitive IT Strategy Company” for 2016. NYK is the first company in the maritime industry to receive this award. This award recognizes NYK's appropriate internal governance of the planning, execution, and utilization of IT, in addition to the company’s active IT efforts. Since 2015, METI and TSE have assessed companies listed on the TSE for proactive IT implementation that creates management innovation…

09 Jun 2016

Japan LNG Prices Fall to Lowest in More Than 2 Years

Prices for liquefied natural gas (LNG) spot cargoes for Japan, the world's top buyer, fell in May to the lowest since the trade ministry started publishing figures more than two years ago, official data showed on Thursday. The average price of spot LNG contracted in May fell by 10 cents from the previous month to $4.10 per mmBtu, the monthly data by the Ministry of Economy, Trade and Industry (METI) showed, down from $14.80 two years ago. The average price of spot cargoes that arrived in Japan in May fell by $1.50 from a month earlier to $4.30 per mmBtu, down from $16.30 two years ago. The prices compared with the current spot Asian LNG price of $4.90. Spot prices fell to as low as $4 in mid-April but have since recovered on short-term supply tightness.

13 May 2016

Japan in Race for Asian LNG Hub

Photo: LNG Japan Corporation

Japan, the world’s largest buyer of liquefied natural gas is aiming to establish an international liquefied natural gas (LNG)  trading hub by the early 2020s, according to a statement by Japanese Ministry of Economy, Trade and Industry (METI) . In an attempt to play a role in creating a global LNG market, Japan will open access to receiving terminal and beef up large-scale LNG storage facilities to make active LNG trading possible. Many Japanese utilities are planning for not only marginal increases in LNG purchases over the next decade but also a growing sphere of LNG activities.

01 Mar 2016

TonenGeneral Imports Japan's First Kurdish Oil Cargo

TonenGeneral imported Japan's first cargo of Kurdish crude from northern Iraq in January, a source with direct knowledge of the matter said on Tuesday. Iraq's semi-autonomous Kurdistan region began selling oil directly to world markets in 2015 to get money for its survival and to fight Islamic State. Typically, Kurdish oil, exported via Turkey's Mediterranean port of Ceyhan, has gone to Europe. TonenGeneral imported about 1 million barrels of Kurdish oil last month, classified as "export blend of Iraqi origin" in data from the Ministry of Economy, Trade and Industry's (METI). The cargo was delivered to TonenGeneral's refineries in Kawasaki and Chiba, both of them near Tokyo, according to the source and Ministry of Finance data. TonenGeneral declined to comment on the deal.

16 Sep 2015

NYK Gets Japan's First LNG-Fuelled Tug

NYK Line has taken delivery of Japan’s first liquefied natural gas (LNG)-fueled tugboat from Keihin Dock. "The new tug, named Sakigake, was delivered by Keihin Dock Co. Ltd and is expected confirm the viability of LNG as a marine fuel and to help cultivate a new business field in the area of LNG as an environment-friendly marine fuel,” says NYK. Sakigake has been chartered to Wing Maritime Service Corporation from NYK, and will be operated mainly at the ports of Yokohama and Kawasaki. This vessel is the second environment-friendly tugboat operated by Wing Maritime Service Corporation, following the delivery of Tsubasa in March 2013. The new tug is equipped with dual-fuel engines that can use either of LNG and diesel oil, depending on conditions.

01 Sep 2015

Japanese Sub Pitch puts off Australian Firms

Japan had been seen as frontrunner for Australian submarine deal, but Australian defence firms unhappy after talks with Japan. A Japanese consortium eyeing a A$50 billion ($35.68 billion) contract to build submarines for Australia irked local suppliers by failing to share key information about its proposal or discuss specific collaboration possibilities during a visit last week, executives at Australian firms said. The apparent missteps underscore Japan's inexperience in bidding for global defence deals after Prime Minister Shinzo Abe ended a decades-old ban on weapons exports last year as part of his more muscular security agenda. Japanese defence officials and executives from Mitsubishi Heavy Industries and Kawasaki Heavy Industries visited Adelaide…

23 Jun 2015

Fukushima Floating Offshore Wind Project Progressing

Photo: Mitsubishi Heavy Industries

An experimental offshore floating wind farm project sponsored by the Japanese Ministry of Economy, Trade and Industry has been underway since March 2012. Participating in the project is a consortium comprised of Marubeni (project integrator), the University of Tokyo (technical advisor), Mitsubishi, Mitsubishi Heavy Industries, Japan Marine United, Mitsui Engineering & Shipbuilding, Nippon Steel & Sumitomo Metal, Hitachi, Furukawa Electric, Shimizu, and Mizuho Information & Research.

06 Apr 2015

NYK Recognised Again as "Nadeshiko Brand"

Nadeshiko 2015 logo

NYK was named “Nadeshiko Brand,” for the second consecutive year, following fiscal 2013, selected jointly by the Tokyo Stock Exchange (TSE) and the Ministry of Economy, Trade and Industry of Japan (METI). Nadeshiko Brand is composed of companies that encourage women’s success in the workplace, including the development of environments in which women are able to further their careers, as well as the promotion of utilizing women resources, and that are superior in their financial index.

31 Oct 2014

Fukushima Offshore Floating Wind Farm Update

Towing the three-column semi-sub at Nagasaki po

A consortium has been participating in an experimental offshore floating wind farm project sponsored by the Ministry of Economy, Trade and Industry since March 2012. Preparatory works for the installation of the 7MW oil pressure drive-type wind turbine on the three-column semi-sub floater at Onahama port, Fukushima, are almost completed and delivery of the floater from Nagasaki to Onahama has started today as part of the second term. Assembly and setting of two units of the 7MW oil pressure drive-type floating wind turbines…

30 Oct 2014

Experimental Floating Wind Farm Nears Installation

Towing the three-column semi-sub at Nagasaki port

Launched in March 2012, the Fukushima experimental offshore floating wind farm project sponsored by the Ministry of Economy, Trade and Industry is nearing the installation phase as preparatory works for the installation of the 7MW oil pressure drive-type wind turbine on the three-column semi-sub floater at Onahama port, Fukushima, are almost completed and delivery from Nagasaki to Onahama has started today. Participating in the experiment is a consortium comprised of Marubeni (project integrator)…

11 Jun 2014

Fukushima Experimental Offshore Floating Wind Farm Project Progresses

Towing three-column semi-sub at Nagasaki port.

A consortium made up of Marubeni (project integrator), the University of Tokyo (technical advisor), Mitsubishi, Mitsubishi Heavy Industries, Japan Marine United, Mitsui Engineering & Shipbuilding, Nippon Steel & Sumitomo Metal Corporation, Hitachi, Furukawa Electric, Shimizu, and Mizuho Information & Research has been participating in an experimental offshore floating wind farm project sponsored by the Ministry of Economy, Trade and Industry since March 2012. At present, the construction of the three-column semi-sub as part of the second phase has been successfully completed.

05 Jul 2013

MHI CO2 Capture System Earns Environmental Award

Photo: MHI

A plant system that captures carbon dioxide (CO2) from flue gas emissions developed by Mitsubishi Heavy Industries, Ltd. (MHI) has received the Minister of Economy, Trade and Industry Award at the 39th Outstanding Environmental Systems Awards hosted by the Japan Society of Industrial Machinery Manufacturers (JSIM). The system was highly evaluated for its superlative reliability and economy achieved through ongoing technology improvements carried out over many years, for its abundant delivery track record in commercial applications…

07 Mar 2012

Offshore Wind Farm Project for Stricken Japanese Province

A consortium made up of Marubeni (project integrator), the University of Tokyo, Mitsubishi, Mitsubishi Heavy Industries, IHI Marine United, Mitsui Engineering & Shipbuilding, Nippon Steel, Hitachi, Furukawa Electric, Shimizu and Mizuho Information & Research are participating in an experimental offshore floating wind farm project sponsored by the Ministry of Economy, Trade and Industry. This experimental project consists of three floating wind turbines and one floating power sub-station off the coast of Fukushima. The first stage of this experimental project will begin in 2012 and consists of one 2MW floating wind turbine, the world's first 66kV floating power sub-station and undersea cable.

11 Nov 2013

Japan: Experimental Floating Wind Farm Project

2MW Downwind-type Floating Wind Turbine                                          "Fukushima Mirai"                                                      (Floater: 4 Column Semi-Sub)tence with the fisheries

A consortium comprising of Marubeni (project integrator), the University of Tokyo (technical advisor), Mitsubishi, Mitsubishi Heavy Industries, Japan Marine United, Mitsui Engineering & Shipbuilding, Nippon Steel & Sumitomo Metal Corporation, Hitachi, Furukawa Electric, Shimizu and Mizuho Information & Research have been participating in an experimental offshore floating wind farm project sponsored by the Ministry of Economy, Trade and Industry since March 2012. At present, the installation work of 2MW downwind-type floating wind turbine…

10 Mar 2014

Panel: Lift Japan offshore wind tariff lift, Cut solar prices

A government panel has recommended Japan lift the amount utilities must pay for electricity from offshore wind farms while cutting prices for power fed in from solar projects, as the country looks to diversify its use of renewable energy. Japan, hoping to boost alternative energy in the wake of the Fukushima nuclear disaster, introduced a feed-in tariff scheme in 2012, under which utilities must buy all power generated from renewable sources such as wind, solar or geothermal. But wind projects accounted for only 3 percent of development approvals under the programme as of November, with solar making up 94 percent. The panel's recommendation…

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