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|Rosneft Signs HOA with Marubeni and SODECO to Sell LNG to Japan|
|=To finalize the project outline including the construction site in 2013|
Russian state-controlled energy giant Rosneft, which has proceeded with LNG production and export project in the Russian Far East, signed Heads of Agreement (HOA) with Japanese companies, Marubeni Corporation and Sakhalin Oil and Gas Development Co., Ltd. (SODECO) regarding sale and purchase of LNG. Rosneft agreed to sell 1.25 million tons per year of LNG to Marubeni and 1 million tpy to SODECO from its future LNG plant, which will be built in collaboration with the U.S. ExxonMobil. The company is expected to start supply LNG in 2019.|
In the meantime, Rosneft and ExxonMobil has jointly conducted feasibility study (FS) on LNG development project in the Far East and mutually agreed to advance the project further. Both companies plan to finalize outline of the project in 2013 including the location of the construction site and the liquefaction system to be adopted, and launch design work.
As reported, Rosneft reached a preliminary sale and purchase agreement with Swiss oil trader Vitol on June 21st. Vitol has an intention to sell most LNG it will procured from Rosneft to buyers in Asia-Pacific Region. There is information that its procurement volume will amount to 2.75 million tons per year.
Rosneft and Exxon have been working on the feasibility study to construct a LNG plant, having capacity to produce 10 million tpy in the Russian Far East. The three sale and purchase agreements recently reached showed that 50% of LNG produced at the plant will be supplied to Asian markets including Japan.
|last modified : Fri 28 Jun, 2013 [11:04]|