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Gazprom and Mitsui consider further steps under Agreement of Strategic Cooperation

Background

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.

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