World News
Gazprom and Mitsui to Cooperate on LNG Bunkering Studies
Gazprom Friday announced that it has signed a Memorandum of Understanding (MoU) with Mitsui & Co., Ltd. (Mitsui) to cooperate on feasibility and marketing studies related to liquefied natural gas (LNG) bunkering in Russia's Far East and the Asia-Pacific region.
Alexey Miller, Chairman of the Gazprom Management Committee, and Masami Iijima, Representative Director and Chairman of the Board of Directors of Mitsui, are said to have signed the agreement at a working meeting Friday at the Eastern Economic Forum 2016 in Vladivostok.
During the meeting, Miller and Iijima are said to have also discussed ongoing and future cooperation, focusing particularly on LNG production through the Sakhalin II project and an increase in production with the completion of the third production train of the LNG plant.
"Gazprom and Mitsui have successfully cooperated on the Sakhalin II project. Now we have an excellent opportunity to partner in a new business area – small-scale LNG," said Miller.
"Joint efforts in the bunkering industry will help our companies diversify our businesses and strengthen our positions in the dynamic Asian market."
In June, Gazprom announced it was in discussions with Belgium-based Fluxys to pursue joint efforts to develop LNG infrastructure in Europe that would support, among other things, LNG bunkering.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.50 | 2.00 | 778.50 | 8.50 |
| Rotterdam | 602.00 | 0.50 | 748.00 | 6.00 |
| Houston | 624.00 | 5.00 | 792.00 | 3.50 |
| Fujairah | 649.50 | 2.00 | 898.00 | 3.00 |
| Global 20 Ports Average | 662.00 | 2.00 | 855.00 | 1.50 |
| Global 4 Ports Average | 631.00 | 1.00 | 804.00 | 0.50 |
| Global Average Bunker Price | 717.50 | 0.50 | 913.50 | 1.00 |
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