Russian investment firm A-Property has reportedly hired global oil and gas firm TechnipFMC to design a large liquefied natural gas (LNG) export terminal.
A-Property hopes to complete the $10bn LNG operation in the north of the country by 2025 and sell liquefied natural gas to Asia, Reuters reported.
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The news agency cited an A-Property spokeswoman as saying that the LNG plant and surrounding infrastructure in the remote northern republic of Yakutia would require a $10bn in investment.
The LNG plant will be designed to produce roughly 13 million tonnes per annum (Mtpa) of LNG and will be located near the Chinese border.
According to Kharitonova, A-Property plans to seek permission from the Russian Government to export LNG.
The oil and gas firm will work on the LNG project’s design phase, which is slated for completion by the end of this year.
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By GlobalDataA-Property is a firm owned by Russian energy major Albert Avdolyan, partner of Russia’s state-owned technology corporation Rostec.
Last year, Avdolyan’s firm purchased the largest gas producer in Yakutia after buying out its debt, and intends to use it as the resource base for the $10bn LNG project.
The project may help Russia in achieving its goal of producing 120Mtpa to 130Mtpa of LNG in the next decade.
It is also expected to raise the country’s share in the global LNG market from about 6% in 2018 to up to 20%, based on official data.
