World News
Rosneft in LNG Plant Deal with Japanese Company
Russian state oil company OAO Rosneft (Rosneft) says it has signed an agreement with Japanese trading company Marubeni Corporation for possible construction of a liquefied natural gas (LNG) plant in the Russian Far East, the AFP news service reports.
The framework agreement calls for the parties to cooperate in the potential engineering and construction of a plant and transportation of the fuel to world markets.
"We are glad one of the leading Japanese companies has decided to join our plans to explore and develop oil and gas fields as well as implement the LNG project in the Russian Far East," said Rosneft chief executive Igor Sechin.
"The agreements reached today are aimed, among other things, at ensuring a sales market in Japan, which will strengthen Rosneft's positions in the promising Asia-Pacific market."
Rosneft has been moving toward competition with Russian gas company Gazprom in developing LNG resources, and the Russian government has floated the idea of allowing new companies to export LNG, which only Gazprom is currently permitted to do.
Rosneft is also developing plans with ExxonMobil for construction of a $15 billion LNG plant in the Sakhalin region that could begin production by 2018 and yield up to 10 million tonnes of the fuel per year, Russian news network RT reported last week.
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| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 502.00 | 7.00 | 617.00 | 6.00 |
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| Houston | 467.00 | 4.50 | 625.00 | 2.50 |
| Fujairah | 495.00 | 6.00 | 712.50 | 1.50 |
| Global 20 Ports Average | 524.50 | 4.50 | 710.50 | 4.00 |
| Global 4 Ports Average | 479.50 | 6.50 | 643.50 | 3.50 |
| Global Average Bunker Price | 570.50 | 2.00 | 747.50 | 5.50 |
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