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Gazprom, Eni agree to expand cooperation in energy sector

March 21, 18:15 UTC+3

Russia’s top gas producer Gazprom and Italian energy company Eni have signed a memorandum of understanding

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© Dmitriy Rogulin/TASS

MOSCOW, March 21. /TASS/. Russia’s top gas producer Gazprom and Italian energy company Eni have signed a memorandum of understanding on Tuesday.

"The document reflects the parties’ interest in analyzing the prospects for cooperation in developing the southern corridor for gas supplies from Russia to European countries, including Italy, as well as the modernization of the Russia - Italy gas supply agreements. The memorandum also provides for the consideration of partnership options in the LNG sector," Eni reported following the signing of the memorandum.

Sakhalin Energy Investment Company Ltd. (Gazprom owns 50% plus one share, Royal Dutch Shell - 27.5% minus one share, Mitsui - 12,5%, Mitsubishi - 10%) is the operator of the only liquefied natural gas project in Russia, Sakhalin 2, which develops Piltun-Astokhskoe and Lunskoe offshore fields with recoverable resources estimated at 150 mln tonnes of oil and 500 bln cubic meters of gas.

The Baltic LNG project is discussed within the global partnership between Gazprom and Shell, which includes the Nord Stream 2 pipeline, the expansion of the LNG plant on the Sakhalin Island and the exchange of assets. As a result of these operations, the Russian monopoly expects to strengthen positions on the LNG market in the Asia-Pacific region.

The Baltic LNG project implies the construction of a liquefied natural gas plant with the capacity of 10 mln tonnes per year and expansion option up to 15 mln tonnes in Ust-Luga seaport on the Baltic Sea. The plant is scheduled to start operations in December 2021.

Yamal LNG is a large-scale project on creating a liquefied natural gas production facility with 16.5 mln tonnes per year capacity. It involves the creation of transport infrastructure, including a seaport and an airport near the Sabetta village (north-east of the Yamal Peninsula). The company’s shareholders are Russia’s gas company Novatek - 50.1%, France’s Total - 20%, China’s CNPC - 20% and the Silk Road Fund - 9.9%.

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