Japan buys the most expensive gas in its history

Japanese company Nippon Steel Corp. purchased a cargo of liquefied natural gas (LNG) for the highest price in its history. That is the approximate equivalent of $1,400 per thousand cubic meters, writes Bloomberg.

In general, the cargo, according to agency estimates, should have cost about $135 million. The delivery of gas at a record high price is scheduled for September, the deal took place against the backdrop of the global energy crisis, which exacerbates competition between countries for fuel imports.

Japan itself is facing problems with electricity generation and high demand, and therefore is forced to settle for expensive gas.

This year, Japan is likely to become the world's largest LNG importer as the authorities try to avoid power shortages. The government has already urged businesses and ordinary citizens to reduce electricity consumption and is thinking about returning nuclear power plants to operation.