Russian gas giant Gazprom says it is reconsidering plans to shelve the Baltiysky Liquified Natural Gas project.

The project was conceived to build a plant in Leningrad region to supply liquified gas to Canadiant oil and gas firm Petro-Canada in Gros-Cacouna Quebec, with the firms signing in 2006.

But Gazprom later pulled out due to "unprofitability".

Projected investment into the move, should it now go ahead, has yet to be announced.

Gazprom says it is considering several sites in the region to build the plant, with the towns of Primorsk and Ust-Luga thought to be among the front-runners.

By the time it pulled out a joint venture had already been set up to oversee the project. Baltiysky Szhizhenny Gas (Baltic Liquefied Gas) was set up at an 80:20 ownership split between Gazprom Germany and Russian shipping firm Sovkomflot respectively.

Japanese group Mitsui and industrial giant Mitsubishi, along with Italian oil and gas outfit Eni, have all expressed interest in the project.