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The Yomiuri Shimbun May 22, 2013
Shale gas imports from U.S. to help remedy expensive LNG purchases
シェールガス　米国産輸入で高値買い是正を（5月21日付・読売社説）

The United States, which has seen a buoyant “shale gas revolution,” will open the way for the export of inexpensive natural gas to Japan.
　「シェールガス革命」に沸いている米国が、割安な天然ガスの日本向け輸出に道を開く。

In the wake of the crisis at Tokyo Electric Power Co.’s Fukushima No. 1 nuclear power plant, almost all of the nation’s nuclear reactors have remained idle. Given that Japan has to depend on thermal power generation, it is an important step to diversify the origins from which it imports the fuel for this.
　東京電力福島第一原子力発電所の事故後、ほとんどの原発が停止し、火力発電に依存する日本にとって、調達先を多様化する重要な一歩である。

The U.S. Energy Department has authorized the export of liquefied natural gas by a Texas company, in which Chubu Electric Power Co. and Osaka Gas Co. are participants. Under the project, natural gas, including shale gas extracted from subterranean bedrock, will be liquefied and exported.
　米エネルギー省は、中部電力と大阪ガスが参画するテキサス州の企業の液化天然ガス（ＬＮＧ）輸出事業を認可した。地中深くの岩盤から採掘したシェールガスなどをＬＮＧに加工して輸出する。

Chubu Electric and Osaka Gas reportedly plan to export up to 4.4 million tons of LNG annually from 2017. The amount is equivalent to 5 percent of Japan’s overall LNG imports.
　中部電力と大阪ガスは、このプロジェクトで２０１７年から両社合わせて最大年４４０万トンを輸出する計画という。日本のＬＮＧ輸入量の５％にも相当する。

The United States, in principle, had barred LNG exports to nations that it did not have a free trade agreement with, including Japan.
　米国は原則、自由貿易協定（ＦＴＡ）を結んでいない日本などへのＬＮＧ輸出を規制していた。

It is significant, however, that the United States authorized the exports to Japan for the first time as an exception. It was likely judged that increases in domestic prices in the United States could be avoided even if it exports the gas to Japan. This is because prospects on the supply and demand balance have eased due to sharp increases in production thanks to the shale gas revolution.
　しかし、例外的に対日輸出を初めて認めた意義は大きい。シェールガス革命で生産が飛躍的に増大して需給見通しが緩み、日本に輸出しても米国内の価格上昇は避けられると判断したのだろう。

TPP may have swayed decision

Also aided by Japan’s decision to participate in Trans-Pacific Partnership multilateral trade negotiations, the administration of U.S. President Barack Obama likely attached weight to Japan-U.S. relations.
　日本が、環太平洋経済連携協定（ＴＰＰ）交渉参加を決めたことも追い風になり、オバマ政権が日米関係を重視したといえる。

Enjoying the benefits of the shale gas revolution, Japan now will be able to obtain cheap gas.
　シェールガス革命の恩恵を享受する日本は、これで安価なガスを調達できるようになる。

The price of LNG Japan imports from Qatar and other nations is about 17 dollars per million BTU (British thermal unit), which is four times higher than the price in North America.
　日本がカタールなどから輸入するＬＮＧ価格は、１００万ＢＴＵ（英国式熱量単位）約１７ドルと北米のガス価格より４倍も高い。

Japan, which has yet to reactivate idled nuclear reactors, has been forced to purchase LNG at high prices, referred to as a “Japan premium,” as producer nations are taking advantage of Japan’s situation. The trade deficit, which reached a record high of more than 8 trillion yen in fiscal 2012, is mainly attributed to LNG imports.
　原発を再稼働できない日本は、生産国から足元を見られ、「ジャパンプレミアム」という高値買いを強いられている。１２年度の貿易赤字が過去最大の８兆円超に達したのも、ＬＮＧ輸入が主因だ。

Gas brings negotiating power

If the nation imports gas produced in the United States, the price will be cheaper at about 10 dollars, even with liquefaction and transport costs included. Japan also can expect to take an advantageous position in LNG price negotiations with nations in the Middle East and other areas, using cooperation with the United States as a bargaining chip.
　米国産ガスを輸入した場合、ＬＮＧへの加工代や輸送コストを加えても約１０ドルと割安になる。米国との連携を切り札に使い、中東などとのＬＮＧ価格交渉を有利に進める効果も期待できる。

In the United States, the Mitsubishi Corp. and Mitsui & Co. consortium as well as Sumitomo Corp. have been participating in natural gas development projects. The public and private sectors should join together to lobby for early authorization of export projects involving these companies so that Japan could further correct the problem of expensive LNG purchases.
　米国では、三菱商事と三井物産の連合や住友商事が天然ガスの開発に参加している。官民連携でこれらのプロジェクトによる輸出の早期認可を働きかけ、高値買いの構造をさらに是正すべきだ。

It will take about four years for imports of natural gas from the United States to begin. Unless nuclear reactors are reactivated, the situation will remain unchanged as the nation will continue to depend on thermal power generation for the time being, having no choice but to face high fuel costs.
　米国から天然ガス輸入が始まるのは約４年先だ。原発を再稼働できなければ、当面は火力頼みで、燃料コスト高を余儀なくされる状況は変わらない。

To stem the outflow of national wealth, the government needs to steadily reactivate nuclear reactors whose safety has been confirmed. The nation must create a comprehensive strategy for a stable supply of energy.
　国富の流出を食い止めるため、政府は安全性が確認できた原発を着実に再稼働する必要がある。エネルギーを安定供給する総合戦略を構築しなければならない。

(From The Yomiuri Shimbun, May 21, 2013)
（2013年5月21日01時25分 読売新聞）