Russian gas giant Gazprom and Japanese trading house Itochu have signed a memorandum of understanding on the proposed Baltic liquefied natural gas (LNG) export project.
“With this document, the parties confirmed their interest in potential cooperation in the framework of the project,” Gazprom said in a statement on Thursday.
The memorandum was signed during a meeting between Gazprom’s head Alexey Miller and Yoshihisa Suzuki, President and Chief Operating Officer of Itochu Corporation, in St. Petersburg.
Baltic LNG includes the construction of a 10-mtpa natural gas liquefaction plant near the seaport of Ust-Luga in the Leningrad Region.
The potential target markets for the project include countries in the Atlantic region, Middle East, and South Asia, as well as small-scale LNG markets in the areas of the Baltic and North Seas.
Worth mentioning here, Gazprom signed a framework agreement with its partner Shell on the joint design concept for the Baltic LNG project in October this year.
The pre-FEED document outlines the next stage of the Baltic LNG project in the lead-up to the FEED stage.
LNG World News Staff