MUSCAT- The Japanese Radio and Television Corporation stated that two Japanese trading companies, Mitsui and Itochu, and the largest electricity generation company in Japan, Jera Company, are expected to conclude new long-term contracts for the purchase of liquefied natural gas from Oman.

It added that Japanese companies are expected to buy about two million tons of natural gas starting from 2025 through contracts of about ten years. This will help Japan diversify its sources of fuel supply, which has been suffering from a shortage after the Russian invasion of Ukraine and a series of sanctions imposed by the West on the Russian energy sector.

The Japanese broadcaster said that the companies will most likely reach an agreement on the contracts on Tuesday, and Japanese Industry Minister Yasutoshi Nishimura, who is currently visiting the Middle East, will attend the signing ceremony. Japan imported 1.9 million tons of LNG in 2021, representing 2.6% of total Japanese imports. The Radio and Television Corporation reported that there are other Japanese companies negotiating with Oman to buy LNG as well.