TOKYO -- Marubeni
will sign a long term contract with Rosneft to import LNG from
2019, the Nikkei reported in its evening edition.
Rosneft plans to build an LNG production base near Sakhalin
Island in the Russian Far East.
Gazprom, Russia's state gas producer has long monopolized
gas export rights. But its shipments have been stagnant due to
the growing output of shale gas in the United States.
Rosneft has been awarded export rights and allowed to sign
long term contracts as part of the push by Russian President
Vladimir Putin to boost gas exports from the country's Far
will be the first to import LNG from Rosneft.
Rosneft's LNG base is expected to have an annual output
capacity of at least 10 million tons, equivalent to about 10%
of Japan's annual imports. Marubeni
plans to import 1.25 million tons when the plant comes online
and hopes to gradually increase the volume.
The trading firm plans to ask Rosneft to review its
oil-indexed pricing method, which could work in Japan's favor
in price negotiations.
Dow Jones Newswires