Japan: Oil and Gas Collaboration Novatek and Jogmec Sign Agreement to Explore LNG Opportunities in Asia Pacific
With this deal, both the parties aim to develop a transport link for LNG deliveries to the Japanese and Asia-Pacific markets, and also explore opportunities to cooperate on Novatek’s projects in the Yamal and Gydan peninsulas.
Vladivostok/Russia – A Memorandum of Understanding (MOU) was recently signed between Chairman of the Management Board of Novatek Leonid Mikhelson and Chairman and CEO of Japan Oil, Gas and Metals National Corporation (Jogmec) Tetsuhiro Hosono in the presence of the President of the Russian Federation Vladimir Putin and the Prime Minister of Japan Shinzo Abe. According to the MOU, the parties agreed to explore opportunities to cooperate on Novatek’s projects in the Yamal and Gydan peninsulas, including the Arctic LNG 2 project.
The collaboration aims to develop a regular transport link via the Northern Sea Route for LNG deliveries to the Japanese and Asia-Pacific markets, as well as explore LNG marketing opportunities in the Asia-Pacific region.
Japan is one of the most significant global LNG markets, and with this deal Novatek expects further expansion of cooperation in this area which will facilitate the development of trade and economic relations between the two countries.