30 May '11
Russian gas giant Gazprom and consortium of Japanese investors Japan Far East Gas Co., Ltd. intend to invest $7bn building a plant to produce liquefied natural gas in Valdivostok, Primorsky region, news agency RIA Novosti reports.
The consortium Japan Far East Gas Co., Ltd. reportedly consists of Japanese investors Itochu, Japex, Marubeni, Inpex, Cieco. Their shares in the JV have yet to be disclosed.
The plant’s projected annual capacity is10 million tons of gas which is to be supplied to Japan and South Korea in proportion of 7 million tons and 3 million tons respectively.
The complex is scheduled to be put into commission in 2016.
The agreement to build the plant was reached between Gazprom and the Japanese investors in May 2010. The parties are currently negotiating the technical details of the project.