Gazprom and Mitsui consider further steps under Agreement of Strategic Cooperation
A working meeting between Alexey Miller, Chairman of the Management Committee of Gazprom, and Tatsuo Yasunaga, Representative Director, CEO of Mitsui, took place today at the St. Petersburg International Economic Forum 2017.
The meeting participants considered further steps under the Agreement of Strategic Cooperation signed on December 16, 2016. A focus was placed on joint efforts for the construction of the third train of the Sakhalin II LNG plant. In addition, the Japanese company showed interest in the Baltic LNG project.
The parties also exchanged views on the progress of joint assessments of partnership prospects in the field of LNG bunkering.
Japan’s Mitsui & Co., Ltd. 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.
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). On June 18, 2015, Gazprom and Shell signed the Memorandum on implementing the construction project for the third train of the LNG plant. At present, the development of the FEED documents for the third train is nearing completion. In 2016, the plant produced upward of 10.9 million tons of LNG, exceeding the design capacity by over 1.3 million tons.
On December 16, 2016, Gazprom and Mitsui signed the Agreement of Strategic Cooperation. The document envisages collaboration in various areas, including Sakhalin II project expansion and LNG bunkering. In accordance with the Agreement, the companies will conduct feasibility and marketing studies to assess the prospects with regard to the bunkering of marine vessels with LNG in Russia’s Far East and the Asia-Pacific region.