Gazprom expanding cooperation with Japanese partners
RELEASE
Release
A Gazprom delegation headed by Alexey Miller, Chairman of the Company’s Management Committee, paid a working visit to Japan.
Tokyo hosted high-level meetings with the top officials of the Agency for Natural Resources and Energy under Japan’s Ministry of Economy, Trade and Industry, Mitsui & Co., Ltd. (Mitsui), Mitsubishi Corporation, and Japan Bank for International Cooperation (JBIC).
The participants of the meetings expressed their appreciation for the partnership between Gazprom and Japanese companies in the gas sector, focusing, inter alia, on liquefied natural gas (LNG) cooperation. It was noted that there was great potential for expanding collaboration between the companies.
A number of bilateral documents were signed as part of the visit.
Alexey Miller and Satoshi Kusakabe, Commissioner of the Agency for Natural Resources and Energy under Japan’s Ministry of Economy, Trade and Industry, signed the Agreement of Cooperation. According to the document, the parties will coordinate efforts aimed at furthering research and development, production and investment partnership between Gazprom and Japanese companies.
Russian President Vladimir Putin, Alexey Miller, Satoshi Kusakabe, and Japanese Prime Minister Shinzo Abe. Photo by RIA Novosti
Alexey Miller and Masami Iijima, Representative Director and Chairman of the Board of Directors of Mitsui, signed the Agreement of Strategic Cooperation. The document envisages collaboration in various areas, including Sakhalin II project expansion and LNG bunkering.
Alexey Miller and Ken Kobayashi, Chairman of the Board of Mitsubishi Corporation, inked the Agreement of Strategic Cooperation. The document stipulates the development of cooperation in the LNG sector, including joint efforts in adding the third train to the Sakhalin II LNG plant. The parties also voiced their intention to broaden their partnership in various business fields, including but not limited to the current LNG project.
Alexey Miller and Tadashi Maeda, CEO and Executive Managing Director of JBIC, signed the Memorandum of Understanding outlining the basic principles of cooperation in securing financing for Gazprom’s projects with the involvement of Japanese companies.
“Gazprom continues to successfully cooperate with companies from the Asia-Pacific region, the world’s fastest-growing gas market. As usual, Japanese companies are our main partners in the LNG sector. The documents signed today give a much broader dimension to our joint efforts on LNG and create ample opportunities for collaboration in other areas of the gas industry,” said Alexey Miller.
Background
Mitsui & Co., Ltd. (Mitsui) is focused on the development, marketing, distribution and processing of all types of energy products in Japan and overseas, as well as on financial activities. On September 2, 2016, Gazprom and Mitsui signed the Memorandum of Understanding on LNG bunkering.
Mitsubishi Corporation is an integrated business enterprise that runs its business across virtually every industry, including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business.
Japan Bank for International Cooperation was set up in 1999 as a state-owned financial institution aimed at developing economic cooperation with foreign countries. The bank is focused on supporting international economic activities of Japanese companies.
Russia's only LNG plant is in operation under the Sakhalin II project. The Sakhalin II operator is Sakhalin Energy Investment Company Ltd. (Gazprom – 50 per cent plus one share, Shell – 27.5 per cent minus one share, Mitsui – 12.5 per cent, and Mitsubishi – 10 per cent).