Gazprom and Summa Group to Develop Global Market of LNG
OREANDA-NEWS. September 24, 2012. Today the Memorandum of Understanding was signed by Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee and Alexander Vinokurov, President of Summa Group.
The document fixes the intentions of the parties to arrange cooperation for LNG utilization as a bunker fuel for marine vessels, including those owned and operated
by Summa Group.
In the first instance, Gazprom Group and Summa Group will consider the possibility of cooperation in the North Sea and the Baltic Sea regions. Apart from LNG supplies for Summa Group needs, the parties will consider potential development of the bunkering infrastructure in the North and Baltic Seas, particularly LNG storage facilities.
Later on, the parties will consider potential development of cooperation in the Black Sea and the Mediterranean Sea regions of the Pacific Ocean, where Summa Group operates vessel and owns a well developed port infrastructure.
“The tough mandatory restrictions on emissions for marine vessels, carrying out transportation operations in the Baltic and North Seas, to be imposed after 2015, is the most important factor of switching to alternative fuel. LNG is the only fuel that meets the requirements for limitation of emissions by ship engines without the need to install expensive filters and it is favorably priced compared to low-sulfur petrochemicals. The technologies for vessels, ship engines and storage facilities for the vessels running on LNG are available and tested. The cooperation with Summa Group has good prospects,” said Alexander Medvedev.
“Owing to the united efforts of Summa Group as the infrastructure operator and Gazprom as the biggest global natural gas producer, a really breakthrough project will be implemented. I am sure it will have a long-term positive effect on the environmental friendliness of the marine transport not only in Russia but worldwide and will become a new industry standard,” Alexander Vinokurov stated.
Summa Group is a diversified Russian holding company that consolidates assets in port logistics, engineering, construction, telecommunications and the petroleum sector. Summa Group has representative offices in 40 regions in Russia and beyond the country.