Japan Far East Gas Co., Ltd. (JFG), a company established by INPEX, ITOCHU, Japan Petroleum Exploration (JAPEX), Marubeni and ITOCHU Oil Exploration (CIECO), has signed a Memorandum of Understanding (MOU) regarding the natural gas liquefaction project in the Vladivostok area with Russia’s state-owned gas company Gazprom.
JFG and Gazprom conducted a joint feasibility study (FS) for the natural gas utilization project in the Vladivostok area during year 2011 and 2012. Following the result of the above-mentioned study, this MOU was signed between JFG and Gazprom regarding the discussions on foundation of a joint project company as well as joint marketing activity in Japan, which would contribute to the realization of Vladivostok LNG project.
Realization of this project is considered to be very important for the stable LNG supply to not only Japan but also to the other Asian countries, and will contribute to the diversification of Russia’s gas (LNG) export sources.