Russian natural gas producer Novatek and Japanese natural gas distribution company Saibu Gas revealed plans to form a joint venture.
As explained, the JV would focus on developing the business for bunkering and gas-fired power generation in Japan and the Asian region, as well as constructing and operating a new LNG storage tank at the Hibiki LNG terminal.
What is more, the new company would market LNG and natural gas to end customers.
“We have made another important step forward in implementing our strategy to enter the end customer market in key gas consuming countries, among which Japan is one the biggest markets and long time consumer of LNG,” Leonid Mikhelson, Novatek’s Chairman of the Management Board, commented.
“The creation of our joint venture with Saibu Gas allows us to increase the marketing flexibility of natural gas supplies and create additional opportunities for LNG sales in this important gas consuming region,” Mikhelson added.
Novatek and Saibu Gas signed the heads of the agreement during the Eastern Economic Forum in Vladivostok, Russia, on September 5.