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)

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