MOL, Marubeni ink deal with JPPV to work on LNG transshipment terminals

Japanese companies Marubeni Corporation and Mitsui OSK Lines recently signed a deal with Japanese Project Promotion Vehicle in the Far East (JPPV) for the development of liquefied natural gas (LNG) transshipment terminals.

JPPV is a Vladivostok-based advisory group jointly established by Japan Bank for International Cooperation, Far East Investment and Export Agency and Far East and Baikal Region Development Fund.

The objectives of the group are “encouraging Japanese companies to launch business in Russia and promoting Japanese investment in Russia and the Far East,” a joint statement said.

The agreement between the trio, which was signed on September 5, aims to draw upon JPPV’s expertise in order to “smoothly establish LNG transshipment terminals in the Far East,” the statement said.

Marubeni and MOL have previously signed a memorandum of understanding with Russia’s LNG operator and developer Novatek for a joint feasibility study aimed at establishing an LNG transshipment and marketing complex off Kamchatka Peninsula.

Novatek said earlier this week it plans to invest 70 billion Russian rubles ($993.7m) in the LNG hub in Kamchatka for shipments to consumers in the Asia-Pacific region.