September 07, 2008

Russia to supply 8 million tonnes of LNG to Japan in 2009

RIA Novosti reported that from 2009, Russia will supply 8 million tonnes of liquefied natural gas annually to Japan through the Sakhalin II oil and gas project.

The spokesman said ahead of a Saturday meeting between Mr Yasuo Fukuda PM of Japan, Mr Vladimir Putin president of Russia and Mr Dmitry Medvedev who chairs Gazprom that "Supplies to Japan will be launched no later than early 2009."

Mr Alexander Medvedev deputy chairman of Gazprom's management committee announced on Wednesday that the first gas deliveries as part of Sakhalin II were expected in early 2009. He said Gazprom planned to invest USD 45 billion in LNG projects by 2030 to become a major player on the LNG market. The company is seeking to supply about 90 million metric tons of LNG annually to world markets by 2030.

The Sakhalin-II project has estimated reserves of 150 million tonnes of oil and 500 billion cubic meters of natural gas.