March 27, 2024 [Argus]- Japanese gas retailer Saibu Gas is looking to expand its LNG storage capacity, as part of its strategy to help meet gas demand lifted by the country’s decarbonisation drive.
Saibu plans to install an LNG storage tank with a 230,000m³ capacity at its Hibiki terminal at Kita-Kyushu in west Japan’s Fukuoka prefecture, on top of its existing two 180,000m³ tanks. The company is to issue a tender to expand the capacity, as well as for the construction of an LNG regasification unit and truck shipping equipment.
Saibu declined to show other tender details, such as a bidding schedule and conditions, but said that it will make a final investment decision this year based on the tender results. Should it proceed with the project, construction will begin by the end of March 2025.
While ensuring stable gas supplies in the domestic market, Saibu is also aiming to expand its global business by utilising the Hibiki terminal, such as reloading cargoes for sales to its overseas customers using isotank containers.
Gas handling volume by Saibu is expected to increase by 2.5pc from a year earlier to 820,000t in the April 2024-March 2025 fiscal year. Its city gas sales are forecast to edge up by 1.1pc to 940mn m³ during the period.
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