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Japan’s Saibu Gas to decide on joint LNG project with Russian Novatek in 2019

Earlier it was reported that Novatek had inked a memorandum with Saibu Gas concerning use of the LNG terminal

TOKYO, January 9. /TASS/. Japan’s Saibu Gas is examining a joint project with Russian gas producer Novatek for sales of liquefied natural gas (LNG) in countries of the Asia-Pacific Region, Kyodo news agency reported.

As reported earlier, Novatek already inked a memorandum with Saibu Gas concerning use of the LNG terminal in Japan.

More specifically, it refers to temporarily unloading and storage of LNG produced by Novatek at the LNG terminal of Saibu Gas in Kitakyushu. Gas is planned for reloading to other tankers and delivery to consumers.

The Japanese company plans to make a decision on this project in 2019 financial year in order to start the project in 2023 financial year in case of a positive conclusion.

Russia’s liquefied natural gas exports to Asia-Pacific nations soared by 58.6% to 26 bln cubic meters in 2018, as reported earlier.

Novatek has already launched in full swing the Yamal LNG Plant in Russia and plans to implement the second project of Arctic LNG 2. Japan and Asia-Pacific economies are viewed as primary markets for sales from these projects.