Japan tops up LPG stockpile
Japan has bought up to 50,500 tonnes of LPG for its strategic reserves, it has been revealed.
According to Reuters the purchase meets its goal to stockpile about 50 days’ worth of LPG imports in case of an emergency or any supply disruption.
The latest purchase will take the government’s LPG inventory to around 1.40 million tonnes, targeted under a five-year plan, the government said.
State-run Japan Oil, Gas and Metals National Corp awarded the tender for a strategic national stockpiling base in Kurashiki in the country’s west, for delivery by Nov. 15 to Japan Gas Energy Corp.
Japan has five LPG stockpiling bases with a total capacity of 1.5 million tonnes.
Meanwhile, Petróleo Brasileiro’s (Petrobras) BRL 2.8bn ($884m) sale of Liquigas Distribuidora to Ultragaz has run into trouble, owing to competition concerns identified by a body of Administrative Council for Economic Defense (CADE).
The Brazilian antitrust watchdog’s General Superintendence (GS) division has recommended the disapproval of the transaction between the state-owned energy company and the subsidiary of Ultrapar Participações
Reuters has reported that GS had said the sale of Liquigas Distribuidora would create a new player with potentially unfair regional market power.