Gazprom and Itochu Sign Memorandum of Understanding on Baltic LNG Project

A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Yoshihisa Suzuki, President and Chief Operating Officer of Itochu Corporation, took place in St. Petersburg on the 16th December..

In the course of the meeting, Gazprom and Itochu Corporation signed a Memorandum of Understanding on the Baltic LNG project. With this document, the parties confirmed their interest in potential cooperation in the framework of the project.

Background

Itochu Corporation is one of Japan’s largest general trading companies. It is engaged in oil and natural gas production and processing and LNG projects.

The Baltic LNG project envisages the construction of an LNG plant with the annual capacity of ten million tons in the port of Ust-Luga, Leningrad Region.

Source: OilVoice