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LNG project on Yamal could be structured as Shtokman – Gazprom

Interfax, pb

LNG project on Yamal could be structured as Shtokman – Gazprom

The project to build an LNG plant at the North and South Tambeiskoye fields on the Yamal Peninsula could be structured similar to the project to develop the Shtokman gas condensate field, Gazprom (RTS: GAZP) Deputy CEO Alexander Medvedev said at a press conference on Wednesday.

The foreign participants in the Shtokman project have received stakes in a special company set up to operate the project, not in the company that actually holds the license to the field.

“I don’t rule out that the model that will be offered to the foreign partners is analogous to that at the Shtokman field, where the rights to ownership of the resource remain in the hands of the resource user, and the foreign companies participate in the risk and economic benefits of the project, creating a special project company that owns all the project infrastructure from production to liquefaction for a set period,” he said. “Shtokman has demonstrated the viability and appeal of that business model for foreign partners,” Medvedev said.

The LNG plant on Yamal is planned at the North and South Tambeiskoye fields, not at Kharasaveiskoye (whose gas is earmarked for transport on the Unified Gas Supply System). Project implementation “assumes participation of foreign companies, which might include Shell,” he said.

“The project is now in the preliminary feasibility study phase. Given the favorable energy market, and including the new ideas for transporting LNG in the ice-bound Arctic, the prospects for the project look quite encouraging,” he said.

CJSC Gazmetall owns a controlling stake in the South Tambeiskoye field, while Gazprombank has a blocking stake. The issue of the ownership structure will be resolved by Gazprom and Gazprombank together “based on the results of the feasibility study,” he said. “But given that Gazprom has the license to the North Tambeiskoye field, there is no doubt that Gazprom will take part in this project,” he added.

Medvedev also said that ExxonMobil has offered Gazprom a role in the Blue Ocean gasification terminal project in New Jersey. He stressed that talks on participation in the project are being conducted separately from talks on Gazprom’s purchase of gas produced under the Sakhalin-1 project.

Gazprom understands these projects, since it analyzed no less than 25 terminals on the U.S. eastern seaboard in order to pave the way for LNG deliveries from Yamal and Shtokman, he said. It would be geographically desirable to have a terminal next to New Jersey, but there are many factors affecting the profitability of Gazprom’s participation in the project. Gazprom specialists are currently examining the U.S. company’s proposal.

Gazprom officials also reported that N.V. Nederlandse Gasunie would close a deal this week to purchase a 9% interest in Nord Stream AG, the operator of the project to build an undersea gas pipeline linking Russia and Germany.,10,lng_project_on_yamal_could_be_structured_as_shtokman_gazprom,item.html and its also non-profit sister websites,,,,, and are all owned by John Donovan. There is also a Wikipedia article.

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