Gas Processing & LNG is Produced by Gulf Publishing Holdings LLC

Mitsui, JOGMEC to invest in Novatek's Arctic LNG 2 project

Mitsui & Co and Japan Oil, Gas and Metals National Corp (JOGMEC) are expected to agree on Friday to invest in the Arctic LNG 2 project being built by Russia’s largest independent gas producer Novatek, Jiji Press reported.

A memorandum on the investment by the companies will be signed on Friday in St. Petersburg, the Japanese news agency reported on its website, citing no sources. Mitsui President Tatsuo Yasunaga is visiting Russia for a conference and will sign the memorandum, Jiji said.

Last week, another Japanese newspaper reported that Mitsubishi Corp would also take a stake in the project.

A spokesman at Mitsui told Reuters on Thursday that it was continuing talks over the project with Novatek and was considering its economic prospects.

A spokesman at JOGMEC said it was considering collaboration opportunities in Novatek’s projects, including the Arctic LNG 2 project and was holding talks with Japanese companies involved, but he declined to give further details.

Mitsubishi said it was studying the project, but nothing has been decided.

Novatek said in April the company was at a final stage of talks to sell another 10 percent stake in Arctic LNG 2 but did not disclose the identity of any potential buyer.

The company also announced in April the sale of 20 percent of the project to two Chinese companies, and in March it agreed to sell a 10 percent stake to France’s Total. (Reporting by Yuka; writing by Aaron Sheldrick)

Copyright © 2019. All market data is provided by Barchart Solutions. Futures: at least a 10 minute delay. Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.

                                  CMEGroup                                     Icelogo


Editorial Comment
-Adrienne Blume
The $26-B small-scale LNG market is gaining exciting traction this year.
Regional Focus: Singapore moves closer to becoming a global LNG trading hub
-Eugene Gerden
Amid strong demand for LNG in the Asia-Pacific region and the need to secure regular gas supplies on a large scale, Singapore may become a major regional hub for LNG trade.
Show Preview
-Adrienne Blume
For the third time in its 47-yr history, Gastech is returning to Houston, Texas.

Reliable Operations & Saving OPEX for Gas Plant Refrigeration – Selecting the right technologies

Register Now

By selecting integrally geared turbocompressors for gas plant refrigeration duty coupled with a mag bearing turboexpander, operators get the added values of technology with highly reliable operations and reduced OPEX. Join Sami Tabaza and Chris Blackmer from Atlas Copco Gas and Process for a presentation followed by Q&A surrounding the turbocompressor and turboexpander technologies that can efficiently and reliably fit your gas plant design and operation to get the advantages of both technologies.

June 18, 2019 10:00 AM CDT

Register Now


Please read our Term and Conditions, Cookies Policy, and Privacy Policy before using the site. All material subject to strictly enforced copyright laws.
© 2019 Gulf Publishing Holdings LLC.