Vitol, Rosneft sign LNG deal for Asia

June 21, 2013 at 6:55 AM
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ST. PETERSBURG, Russia, June 21 (UPI) -- Swiss energy trading company Vitol said Friday it signed a deal with Russian energy company Rosneft to secure LNG from the Far East.

Vitol regional trading Director Jeffrey Martz signed a sales and purchase agreement in St. Petersburg with Rosneft President Igor Sechin.

"Through the agreement with Vitol, the largest independent physical trader of energy resources, Rosneft secures guaranteed sales of significant liquefied natural gas volumes," Sechin said in a statement Friday.

Vitol said it becomes the largest strategic buyer of LNG from a terminal planned by Rosneft for the Far East. The Swiss trader said the "landmark development" would ensure its clients in the Asia-Pacific region are supplied with ample volumes of natural gas.

Asian economics experiencing rapid growth are finding themselves starved for energy supplies. China and Japan are among the leading importers of natural gas and Japan's imports of LNG have increased since the Fukushima Daiichi nuclear power disaster in 2011.

Vitol said supplies of LNG from the Rosneft facility should start in 2019.

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