01:44 GMT +309 December 2019
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    LNG plant construction

    Russia's Novatek, Japan's Mitsubishi, Mitsui to Cooperate on LNG Projects

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    Russian energy company Novatek and Japanese Mitsui company and Mitsubishi Corporation agreed to pursue cooperation in the sphere of liquefied natural gas (LNG), Novatek's press service said Friday.

    MOSCOW (Sputnik) — Earlier in the day, Novatek signed Memorandums of Understanding (MOU) with Mitsubishi and Mitsui.

    "According to the MOU, the parties intend to pursue strategic cooperation in the upstream and liquefaction sectors in Russia, LNG and liquid hydrocarbons supply, equipment and technology supply as well as joint development of LNG markets," Novatek's press service said in a statement dedicated to the signing of the MoU with Mitsui.

    Novatek's press service said in a statement dedicated to the signing of the MoU with Mitsubishi Corporation that the Russian and the Japanese companies also agreed to pursue strategic corporation in implementation of LNG projects in Russia, as well as on supplies of LNG and other hydrocarbons.

    The Russian company and its Japanese partners signed the MoUs within the framework of the ongoing two-day visit of the Russian delegation led by Russian President Vladimir Putin to Japan.

    Moreover, Novatek signed a strategic cooperation agreement on its second liquefied natural gas (LNG) plant in the Arctic with Japanese trading and investment conglomerate Marubeni Corporation, the press release said.

    "The parties intend to pursue opportunities of strategic cooperation in the upstream and midstream NOVATEK Arctic LNG 2 project in Russia as well as the supply of LNG, shipping arrangements, gas related infrastructure projects and transactions of other liquid hydrocarbons," the press release said.

    The deal was singed on the sidelines of the Russian-Japanese business forum taking place during the December 15-16 visit of Russian President Vladimir Putin to Japan.

    Novatek is currently working to complete the South-Tambeyskoye field-based Yamal LNG project, which is planned to produce 16.5 million tonnes of LNG annually and become Russia's first LNG plant in the Arctic. The Arctic LNG-2 plant is still in the planning, with Novatek officials previously stating the company expects to launch the facility by 2025. The company said it plans to take up some 7 percent of the global LNG market with both plants' combined output.

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    Mitsubishi, Mitsui, Novatek, Japan, Russia
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