LONDON (Dow Jones)–U.K. energy giant Royal Dutch Shell PLC (RDSA) said Friday it is working to bring increased supplies of liquefied natural gas to help meet the expected rise in Japanese demand, as the world’s third-largest economy scrambles to cover its power requirements following the shutdown of nuclear plants across the country.
Shell said two shipments of LNG from Brunei have unloaded in Tokyo in the last 24 hours, with further cargoes from other locations to follow in the coming days.
“Shell and its LNG joint ventures are working with their Japanese customers to help bring additional supplies of LNG into the country to meet [the country’s] critical requirements,” the company said in a statement emailed to Dow Jones Newswires.
The 8.9-magnitude earthquake that struck Japan March 11 has led to the shutdown of 9.7 gigawatts of the country’s nuclear capacity, sending the cost of natural gas, and other fuels used for power generation, soaring.
At 1459 GMT, the U.K. natural gas April Futures contract on ICE was 62.75 pence a therm, around 8% higher than March 10.
-By Alexis Flynn, Dow Jones Newswires; +44 2078429471, [email protected]
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