MITSY - Warren Buffett-Backed Trading Giant's Warning: LNG Shortage Threatens Global Energy Shift | Benzinga
Mitsui & Co.(OTC:MITSY), one of Japan’s leading trading houses, has warned that global demand for liquefied natural gas (LNG) will likely exceed supply expectations, and the current project pipeline will not suffice to meet this demand, especially in the context of the ongoing energy transition.
What Happened: "Announced projects in the world still won't make up for the supply needed when considering the energy transition that will take several decades,” Kenichi Hori, the President of Mitsui, said, Bloomberg reported.
The company, along with other major Japanese trading houses, is deeply involved in fossil fuels. Warren Buffett‘s Berkshire Hathaway (NYSE:BRK) (NYSE:BRK) increased its stake in these firms back in June.
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While LNG is viewed as a cleaner fossil fuel to reduce emissions, tight supply conditions are expected ...