TOKYO, Reuters – A global liquefied (LNG), body appealed for governments to reduce fuel prices and encourage new LNG development to ensure a steady supply.

Michiaki hirose, GIIGNL’s vice-president for Asia, stated that this was the first time OTC: Importers (GIIGNL) have issued an urgent message underlining crisis.

After a meeting with its executive committee in Paris, the Paris-based group issued a statement saying that governments must provide protection mechanisms for LNG consumers and importers to limit their exposure to possible procurement price increases.

The report also stated that governments must encourage technology development and LNG contracting through financial and policy support in order to back up final investment decisions in the LNG value-chain.

Hirose is the Chairman of Tokyo Gas Co Ltd.

Hirose suggested that Japan, which is second in world LNG buyers after China should increase the storage capacity and tanks for LNG.

His statement was: “Holding LNG reserve has been taboo because it is technically and physically difficult to store…But you may need to take measures similar to those used for national petroleum reserves.”

Japan, unlike other European countries which can store natural gas supplies for months in underground salt caverns and depleted gas field deposits, can only store about three weeks’ worth of LNG in superchilled storage at ground level near its import terminals.

Hirose explained that in case of supply disruptions, cooperation between LNG buyers from Japan and other regions is crucial.

His comments included, “It would make the world a better place if Japan, South Korea, and Taiwan could collaborate in an emergency,” he stated.