This week Bloomberg reported that Japan is planning to construct a global strategic natural gas reserve which would help protect the world from energy shortages of the fuel, such as occurred in Europe last year.

Tokyo plans to present its initiative to the International Energy Agency (IEA). According to reports it will involve a so-called strategic buffer reserve, similar to an emergency oil reserve, that will be filled when gas prices are low, and drawn upon during shortages, according to people familiar with the matter.

Member nations of the IEA such as the US and Japan, are already required in the event of an emergency, to maintain a strategic stockpile of oil equivalent to a minimum of 90 days of net imports. Japan reportedly will suggest the IEA review its proposal for a strategic gas reserve during its ministerial meeting in February.

Japan is proposing its strategic reserve as the import-dependent nation is ramping up its own efforts secure enough fuel to supply its needs, as energy prices soar and the competition for liquified natural gas (LNG) intensifies on the global market.

Tokyo is heavily dependent on foreign supplies of fuel to satisfy its energy needs. As a result, Japan has been hesitant to enforce sanctions the Western powers have imposed on the Russian energy sector, repeatedly emphasizing the importance of its relationship with Russia to satisfying its energy needs.

Japan was able to secure an exemption from the price cap imposed on Russian oil imports, when it had the supplies from the Far-Eastern Sakhalin-2 oil and gas project, in which it has a stake, excluded from the restriction.

Japan has also maintained its stakes in Russian energy projects as other nations allied with the Western powers have been forced to withdraw their investments.