Japan buys up to 31,000 t of LPG for national reserves
TOKYO (Reuters) -- State-run Japan Oil, Gas and Metals National Corp (JOGMEC) has bought liquefied petroleum gas (LPG) for storage in its national reserves via a tender that closed on Friday, a trade ministry official said.
JOGMEC was seeking 30,000 t to 31,000 t of propane for a stockpiling base in Namikata in western Japan, which is expected to be delivered by Dec. 22.
Japan, which has five national LPG stockpiling bases with a total capacity of 1.5 mt, already had 1.15 mt of LPG stored by March-end.
The government plans to increase stockpiles to around 1.35 mt by the end of March next year, and around 1.5 mt by the end of March 2018, amid high dependence on the Middle East for LPG and a risk of supply disruptions.
Reporting by Osamu Tsukimori; Editing by Sherry Jacob-Phillips
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