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Japanese companies interested in construction of Sakhalin-2 project stage three

September 08, 17:19 UTC+3 VLADIVOSTOK
It was reported earlier that Sakhalin-2 and Arctic LNG projects were discussed at the meeting between Russian President Vladimir Putin's and Japanese Prime Minister Shinzo Abe
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© Pyotr Tsyrendorzhiyev/ITAR-TASS

VLADIVOSTOK, September 8. /TASS/. Japanese companies expressed interest in financing and construction of the third stage of Sakhalin-2 LNG plant, Energy Minister Alexander Novak said in an interview with TASS.

"During the negotiations at the Eastern Economic Forum 2016, representatives of Japan noted that they were very satisfied with the outcome of their participation in the Sakhalin-2 project and showed interest in financing and construction of the third stage of the Sakhalin-2 LNG plant. In addition, they would also like to expand the supply of hydrocarbons from the Sakhalin projects," Novak said.

The minister noted that the expansion of cooperation with Japan in almost all spheres of fuel and energy complex means increasing LNG supplies to Japan, Japanese companies and banks possibly participating in construction of the second stage of the Yamal LNG project.

Russian gas giant Gazprom and Japan’s Mitsui and Mitsubishi have discussed the construction of the third stage of the Sakhalin-2 LNG plant, Gazprom said in a statement on Tuesday.

"The main attention was paid to construction of the third technological line as part of the expansion of the Sakhalin-2 project," the company said.

In 2009, the first plant for production of liquefied natural gas (LNG) was put into operation in Russia as part of the Sakhalin-2 project. The plant’s capacity is 9.6 mln tonnes of LNG per year. Sakhalin Energy is the project’s operator. The shareholders of Sakhalin Energy are Gazprom / - 50% plus one share/, Shell - 27.5% minus one share, Mitsui & Co Ltd - 12.5%, Mitsubishi Corporation - 10%.

It was reported earlier that Sakhalin-2 and Arctic LNG projects were discussed at the meeting between Russian President Vladimir Putin's and Japanese Prime Minister Shinzo Abe.

"Third stage of the Sakhalin-2 LNG project Arctic LNG and some others projects were discussed, as well as mining and processing projects," Russian Economic Development minister Alexey Ulyukayev told journalists.

According to the official, "the answers to some of our investment proposals" were received at the meeting. "We are moving to lift restrictions on lending projects, which, unfortunately, there are now for the Japanese business," - said Ulyukayev.

General Director of Mitsui & Co Moscow LLC Hiroshi Meguro told reporters earlier that Mitsui investment in expansion of Sakhalin-2 will total more than $1 bln. He noted that the company is also interested in the Sakhalin-3 project, but did not specify the colume of investment.

Sakhalin Energy is the Sakhalin-2 operator, the only operating Russian LNG project so far. Piltun-Astokhskoe and Lunskoe offshore fields undergo development within the project framework, with recoverable resources estimated at 150 mln tonnes of oil and 500 bln cubic meters of gas. Sakhalin Energy’s shareholders are Gazprom with a 50% stake, along with Royal Dutch Shell (27.5%), Mitsui (12.5%), and Mitsubishi (10%).

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