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Vitol to buy LNG from Rosneft

LNG Industry,

Rosneft and Vitol have signed a Head of Agreemt for an LNG sale and purchase deal, which will be negotiated ata later date.

The Heads of Agreeemen was signed by Rosneft President and Chairman of the Managemtent Board Igor Sechin and Vitol’s Head of Trading for Russia and the CIS Jeffrey Martz. Vitol intends to becomea major startegic buyer of LNG from Rosneft’s planned facility Russia’s Far East.

The proposed terminal would liquefy gas from Rosneft’s Sakhalin-1 terminal. ExxonMobil are partnerign Rosneft on the poject and the current estimate of cost to build an LNG plant and the necessary infrastructure is US$15 billion.

The agreement anticpates supply commencing in 2019 and it will allow Vitol to supply customers across the Asis-Pacific region which is a mjor growth area for LNG sales.

Igor Sechin, President and Chairman of the Management Board of Rosneft, said: "Through the agreement with Vitol, the largest independent physical trader of energy resources, Rosneft secures guaranteed sales of significant LNG volumes to be produced by the first train of the LNG-facility, thus enabling us to proceed to the practical phase of the project’s implementation."

Written by Peter Farrell.

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