Russian state-controlled oil company Rosneft has signed an agreement with Japan-based Sakhalin Oil and Gas Development (SODECO) related to the sale and purchase of liquefied natural gas (LNG).
The deal occurred at the Saint Petersburg International Economic Forum (SPIEM), where SODECO agreed to buy one million tonnes of LNG from Rosneft’s future project in the Far East. The deal is expected to commence in the first quarter of 2019.
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The agreement was signed between Rosneft president and management board chairman Igor Sechin and SODECO president Yoshiaki Umemura.
Both the companies are partners in the Sakhalin-1 project, while the new agreement will allow Rosneft access to the Japanese natural gas market, one of the largest such markets in the Asia-Pacific region.
Rosneft also signed a separate agreement with Japanese firm Marubeni in relation to the sale and purchase of LNG at the SPIEM. The company will supply around 1.25 million tonnes of LNG to Marubeni on a long-term basis, from 2019 also.
The deal was agreed between Sechin and Marubeni Europe and CIS regional CEO Motoo Uchiyama.
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By GlobalDataRosneft’s new Far East LNG projects will diversify LNG supply sources and improve Japanese energy security. Japanese consumers can expect a stable supply of energy in the future as a result of the deals.
Image: Rosneft president and management board chairman Igor Sechin and Sakhalin Oil and Gas Development president Yoshiaki Umemura signing the LNG deal. Photo: Courtesy of Rosneft.
