OREANDA-NEWS. Japan Far East Gas Co., Ltd. (hereinafter “JFG”), a company established by ITOCHU Corporation, Japan Petroleum Exploration Co., Ltd., Marubeni Corporation, INPEX Corporation and ITOCHU Oil Exploration Co., Ltd. has signed a Memorandum of Understanding (MOU) regarding the natural gas liquefaction project in the Vladivostok area with Russia’s state-own gas company Gazprom. The MOU was signed on June 22, 2013 in St. Petersburg, Russia.

JFG and Gazprom conducted the joint feasibility study (FS) for the natural gas utilization project in the Vladivostok area during year 2011 and 2012. Following the result of the above-mentioned study, this MOU was signed between JFG and Gazprom regarding discussions on foundation of a joint project company as well as joint marketing activity in Japan, which would contribute to the realization of Vladivostok LNG project.

Realization of this project is considered to be very important for the stable LNG supply to not only Japan but also to the other Asian countries, and will contribute to the diversification of Russia’s gas (LNG) export sources.