facebook
twitter
search
search

Japan, Russia join LNG hands

April 18, 2013 at 6:03 AM

MOSCOW, April 18 (UPI) -- An agreement with Marubeni Corp. on the implementation of an LNG project ensures a foothold in the Asian market, Russian company Rosneft said.

Both companies signed a memorandum of cooperation on the implementation of a liquefied natural gas project in Russia's Far East. The measure includes the possibility for joint exploration and development in oil and natural gas fields held by Rosneft.

"Agreements reached today are aimed, among other things, at ensuring sales market in Japan, which will strengthen Rosneft positions at the promising Asia-Pacific market," Rosneft President Igor Sechin said in a statement.

Japan relies on LNG to meet its natural gas demands. Demand for natural gas has surged in response to nuclear power shortages that followed the Fukushima Daiichi meltdown in 2011.

Neither side offered an expected reserve potential of the eventual deliveries and exploration.

Russian natural gas company Gazprom in 2007 adopted a program to get more natural gas to Asian markets. Gazprom delegates met this week with Japanese officials to discuss the Vladivostok LNG project planned for Russia's eastern shores.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Topics: Igor Sechin
Latest Headlines
Top Stories
Compact cannon for British armored vehicles
Ford recalls 432,000 North American vehicles over software bug
New Zealand military receives medium heavy military trucks
BBC to lay off 1,000 people to make up for $234M in lost revenue
Aetna to acquire Humana for $37 billion in cash, stocks