HRT, Rosneft and Petrobras plan LNG development

HRT of Brazil said it is working with Rosneft of Russia on a plan for the monetization of liquefied natural gas.

“At the beginning of July, 2014, HRT, Rosneft and Petrobras, signed a new Memorandum of Understanding for the second phase of the Gas Monetization Project, regarding the establishment of cooperation in the review of development systems to monetize the gas in areas under concession of Petrobras and HRT O&G/Rosneft in the Solimões Sedimentary Basin,” HRT said in the company’s earnings statement.

In the coming months, HRT, Rosneft and Petrobras will submit a work plan for the project that will establish “the steps and responsibilities, prioritizing the options in the scope of natural gas converted to LNG and the electric power generation, both of which are critical inputs for the development of the region and the country,” it added.