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Gazprom forms oversight company for Vladivostok LNG

Nov. 21, 2013 at 7:58 AM   |   Comments

MOSCOW, Nov. 21 (UPI) -- Russian energy company Gazprom said it set up a special-purpose company to implement the Vladivostok liquefied natural gas project in the Far East.

Gazprom Chairman Alexei Miller inaugurated the company, Gazprom LNG Vladivostok, from corporate headquarters in Moscow.

"The design documentation [for the project] is being developed with a view to be completed in the third quarter of 2014," the company said in a statement Wednesday. "Gazprom expects to receive an environmental approval next autumn and a positive feedback from the Russian State Expert Evaluation Department by the year end."

Gazprom in 2007 adopted a program to get more natural gas to Asian markets and already has commitments to Japan to supply LNG from Vladivostok.

Japan relies completely on LNG for its natural gas needs. Russian natural gas makes up about 8 percent of Japan's annual needs.

By 2020, the Vladivostok facility will have the capacity to produce 10 million tons of LNG per year.

"It was noted that the project was progressing rapidly and on schedule," the company said in a statement.

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