MOL, Novatek, JBIC Sign Russian LNG Complex Deal

Japan’s Mitsui O.S.K. Lines has signed a cooperation agreement with Russian natural gas producer Novatek and Japan Bank for International Cooperation (JBIC) related to marine LNG transshipment complexes in Russia.

The deal confirms the parties’ intentions to implement projects for the construction of the complexes in the territory of Kamchatka and Murmansk region, including possible acquisition of participation interest and potential financing of the projects.

“We have already started successful cooperation with Japanese companies in large LNG projects, including Yamal LNG and Arctic LNG 2, and, accordingly, we see great potential in expanding further this mutually beneficial cooperation,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board.

“The construction of the Kamchatka and Murmansk transshipment complexes will help to optimize logistics and maximize the efficiency of LNG deliveries from Yamal and Gydan to LNG key markets of the Asia-Pacific region, including Japan, the largest global LNG consumer.”

Mikhelson said that final arrangements for these projects could be reached by year end.