Russian natural gas producer Novatek, Japanese general trader Marubeni Corporation, and Japanese shipping company Mitsui O.S.K. Lines (MOL) signed a trilateral Memorandum of Understanding (MOU) on the development an LNG complex in the Kamchatka Region.
The MOU specifically defines the parties’ intentions and includes a specific action plan, to explore the opportunities to establish an LNG transshipment and marketing complex in the Kamchatka, including investments in this infrastructure project.
As explained, this project will create offshore infrastructure to transship LNG cargoes from ice-breaking LNG ships to standard LNG ships. The LNG will be produced in LNG projects Novatek is implementing in the Arctic region.
This cooperation is expected to contribute to the mutual relationship between Japan and Russia and to the stable supply of LNG to the Asian-Pacific region including Japan.
The Chairman of Novatek’s Management Board Leonid Mikhelson noted: “One of the main advantages of creating an LNG transshipment terminal at Kamchatka is its close proximity to consumers and the opportunity to ensure flexible sales terms for the key consuming markets of the Asian-Pacific region. The MOU demonstrates a high market interest and relevancy for this type of project to address market needs”.