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RIA Novosti (Russia): Russian energy minister discusses gas projects with Mitsubishi

Russian energy minister discusses gas projects with Mitsubishi

19:23 11/ 04/ 2006
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MOSCOW, April 11 (RIA Novosti) – Russia's industry and energy minister has discussed natural gas and electric power projects with representatives of Japan's Mitsubishi Corporation, the ministry's press service said Tuesday.

Mitsubishi representatives said they were interested in the development of oil and gas fields in Russia and LNG supplies to North America.

Viktor Khristenko said the corporation's experience and potential would be of great value to projects.

“One of the current projects is Sakhalin II, which includes the construction of Russia's first and the world's largest plant for the production of liquefied natural gas,” the press service said.

The production sharing agreement on the Sakhalin II energy project, which will likely cost over $20 billion, was signed in June 1994. The project operator is Sakhalin Energy, owned by Royal Dutch/Shell (55%), Japan's Mitsui (25%), and Mitsubishi (20%).

Mitsubishi CEO Yorihiko Kojima also met with Russian energy giant Gazprom CEO Alexei Miller to discuss the Japanese company's proposals to join energy projects in Russia, including the development of the Shtokman gas deposit and the Baltic LNG project.

The two companies signed a memorandum on mutual understanding in October 2005.

Through the Baltic LNG project, Gazpom and Petro-Canada will build an LNG plant in St. Petersburg, to be shipped to markets in Quebec and Ontario.

The Shtokman deposit, located 650km from the port of Murmansk, holds an estimated 3.2 trillion cubic meters of natural gas and 31 million metric tons of gas condensate. Norway's Statoil and Norsk Hydro, U.S. oil giants ChevronTexaco and ConocoPhilips, and France's Total are on Gazprom's shortlist for the Shtokman deposit's development. Gazprom is expected to choose two or three partners for a consortium to run the project before April 15.

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