At a recent press conference, Gazprom explained that it considers the LNG sector development to be efficient means of the export portfolio diversification.
The press conference, titled ‘Gazprom in Eastern Russia. Energy into Asia-Pacific Markets’, was held on the threshold of the annual General Shareholders Meeting. It was noted that expanding the scope of Gazprom’s activities in Eastern Russia and enhancing its presence in premium fast-growing Asia-Pacific markets was one of the key elements of the company’s development strategy.
Following last year’s results, Russia’s only LNG project Sakhalin II offloaded 166 LNG cargoes (10.76 million tons) to buyers in Japan, Korea and Taiwan. As part of project expansion efforts, Gazprom and Shell signed a roadmap agreement for the construction of the third LNG production train. The agreement envisages step-by-step decision making on the preparation of FEED and PDD documents. The FEED stage is to be completed in 2015.
Gazprom is also currently engaged in negotiations concerning partnership within the Vladivostok LNG project (which has a capacity of 10 million tpa of LNG with the possibility of expansion), as well as on signing the relevant PSAs for gas from this project. The first production train will be commissioned in 2018, and the second one in 2020.
Special attention was paid to the commencement of a 25-year contract for Russian LNG supply to Indian GAIL. The contract envisages the possible increase in supply from 2.5 to 3.5 million tpa of LNG.
The press conference also considered other issues of Gazprom’s activities in Eastern Russia and the Asia-Pacific region.
Adapted from press release by Katie Woodward
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/20062014/lng_the_efficient_means_of_export_diversification_812/