Gazprom, Japan ink Sakhalin-2 LNG supply deal

Eric Watkins
Senior Correspondent

LOS ANGELES, Jan. 26 -- Russia's state-owned OAO Gazprom will provide Japan with a stable supply of Sakhalin-2-produced LNG, according to Japanese Economy, Trade, and Industry Minister Akira Amari.

Amari's statement followed a meeting in Moscow between Gazprom Chief Executive Alexei Miller and Harufumi Mochizuki, director of Japan's Agency for Natural Resources and Energy.

Uncertainty about the stability of LNG supplies to Japan arose in December when Gazprom bought a 50% plus one share stake in the Sakhalin-2 oil and gas project owned by Royal Dutch Shell PLC and partners, Mitsui & Co. and Mitsubishi Corp.

Following the meeting, Japanese officials also said they wished to create a system of regular consultations with Gazprom, saying their country counts on cooperation with the Russian firm to ensure LNG supply stability.

During the meeting, the two sides also signed an energy cooperation agreement. Gazprom said the firms emphasized the need to attract Japanese investment and technology in developing gas refining, chemistry, and machine building.

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