Rosneft, Japan to study energy cooperation prospects

Rosneft and Japan’s Agency for Natural Resources and Energy signed a memorandum creating a joint coordinating committee to examine participation in joint projects for the exploration and development of oil and gas fields and petrochemicals.

Rosneft and Japan’s Agency for Natural Resources and Energy signed a memorandum creating a joint coordinating committee to examine participation in joint projects for the exploration and development of oil and gas fields, and development of the petrochemical business in Russia and third countries.

The committee also will consider prospects for further cooperation in the areas of crude supplies, implementation of potential LNG projects, and other possibilities.

Rosneft Chief Executive Officer Igor Sechin said there is great potential for energy sector cooperation. “Rosneft is a reliable supplier of energy resources to Japan, while Japanese partners have been involved in the development of the Sakhalin-1 oil and gas fields for more than 2 decades.”

The accumulated output at the Sakhalin-1 project has already reached 114 million tonnes, and 26 billion cu m of gas has been delivered to consumers.

“This year, shareholders made a decision to build our own LNG plant in De-Kastri with a capacity of 6.2 million tonnes. Its products will be much in demand in Japan due to the geographical proximity of the two countries,” Sechin said in a speech at the 5th Eastern Economic Forum where Rosneft held a round table with Japan energy industry representatives and heads of major Japanese corporations.

Since 2016, Rosneft has delivered more than 10 million tonnes of crude and oil products to Japan, worth almost $5 billion, he said, adding that the company is currently discussing infrastructure projects to store crude and oil products in Japan.

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