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Japanese duo sign Arctic LNG 2 SPA

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LNG Industry,

Pao Novatek and the consortium of Mitsui & Co and Japan Oil, Gas and Metals National Corporation (JOGMEC) have signed a sales and purchase agreement (SPA) to purchase a 10% participation interest in the Arctic LNG 2 project.

The SPA also provides for a long-term LNG offtake of approximately 2 million tpy by the Japanese partners. The agreement will close in the nearest future, subject to regulatory approvals.

“We welcome the consortium of Mitsui and JOGMEC as partners in our Arctic LNG 2 project,” noted Leonid Mikhelson, Novatek’s Chairman of the Management Board. “Japan has 50 years of experience with importing LNG and is one of the largest LNG consuming countries. Moreover, Japanese companies have extensive experience in implementing LNG projects as well as marketing LNG around the world. The entry of Japanese partners into Arctic LNG 2 will contribute to its successful implementation.”

The SPA was signed in the presence of the President of Russian Federation, Vladimir Putin, and the Prime Minister of Japan, Shinzo Abe.

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