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AFX Europe (Focus): Sakhalin will give Gazprom ‘solid position’ on LNG markets

Published: Sep 05, 2007

MOSCOW (Thomson Financial) – Russian energy giant Gazprom is aiming for a “solid position” on world markets for liquefied natural gas (LNG) with the help of the Sakhalin-2 project in far eastern Russia, the company said on Wednesday.

“The completion of the Sakhalin-2 project will guarantee stability of energy supplies to countries of the Asia-Pacific region and North America,” Alexander Medvedev, deputy CEO of Gazprom, was quoted as saying in a company statement.

“This will also in turn help Gazprom take a solid position on the global market for LNG,” Medvedev said, following talks with Japanese utility companies that have signed contracts for gas shipments from Sakhalin.

Gazprom is a majority shareholder in the consortium developing the Sakhalin-2 reserves, where British-Dutch energy major Shell and Japanese trading houses Mitsui and Mitsubishi Corporation are minority partners.

The leaders of the Sakhalin Energy consortium met with representatives of Tokyo Electric, Tokyo Gas, Shell Eastern, Tohoku Electric, Chubu Electric, Toho Gas, Osaka Gas, Hiroshima Gas, Kyushu Electric and Saibu Gas.

There have been fears of possible delays to the Sakhalin-2 project, which is due to start shipping LNG in 2008, because of disputes last year between the consortium and the Russian government.

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