Itochu, Gazprom Ink Baltic LNG Accord
Japan’s Itochu Corporation signed a Memo of Understanding with Gazprom December 13 relating to their ongoing interest in the Baltic LNG project, which has yet to take a final investment decision.
The agreement was signed by Itochu CEO Yoshihisa Suzuki (pictured above, courtesy Gazprom) and his Gazprom counterpart Alexey Miller at a meeting in St Petersburg, according to a statement by Gazprom. Baltic LNG envisages a 10mn mt/yr liquefaction plant in the nearby port of Ust-Luga, Leningrad Region. Itochu did not release a statement.
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Shell and Gazprom signed a heads of agreement for Baltic LNG in June 2018; Shell said it included key terms and principles for possible formation of the related joint venture without explicitly setting a timeline for when it would be set up. Two days prior to that meeting, Japan’s Mitsui and Itochu expressed interest in joining the same project.
Unlike Mitsui, Itochu is not an equity partner in Gazprom's existing two-train LNG export complex in the Russian Far East at Sakhalin; a decision on whether to build a third train has been pending for several years.
Baltic LNG project map (Credit: Gazprom)