Gazprom, JFG sign Vladivostok MOU

Russian state-owned company Gazprom along with a consortium of Japanese firms have signed a memorandum of understanding (MOU) concerning the development of Gazprom's Vladivostok LNG project.

Present for the signing on June 22 were Gazprom Chairman Alexey Miller and Masanori Toyoshima, Executive Officer and Chief Operating Officer of Japan Far East Gas Co. (JFG); the signing was as part of the St. Petersburg International Economic Forum 2013 in St. Petersberg, Russia.

Gazprom said the MOU sets the main principles of further joint activities under the project and reflects the arrangements with regard to the project products marketing in Japan. The signing follows a joint feasibility study for the Vladivostok project carried out in 2011 and 2012 by JFG and Gazprom.

Gazprom Chairman Alexey Miller said the agreement will increase the number of people the company employs in Japan. The company also plans to give potential customers the opportunity to see the construction site of the future LNG plant, the gas transmission system and resource base for the project.

Inpex said: "Realization of this project is considered to be very important for the stable LNG supply to not only Japan but also to the other Asian countries, and will contribute to the diversification of Russia’s gas (LNG) export sources."

The JFG consortium is comprised of partners Inpex Corp. (10%), Itochu Corp. (32.5%), Japan Petroleum Exploration Co. (Japex) (32.5%), Marubeni Corp. (20%), and Itochu Oil and Exploration Co. (CIECO) (5%).

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