(MENAFN) Russia and Japan have agreed to press ahead with a USD13 billion liquefied natural gas (LNG) project, AP reported.
Russian President Vladimir Putin and Japanese Prime Minister Yoshihiko Noda oversaw the signing of the deal with Japan's Agency for Natural Resources and Energy on the sidelines of a Pacific Rim summit, Gazprom said.
Gazprom chairman Alexei Miller said that the project will have a great meaning for developing the eastern part of the Unified Gas Supply System of Russia as well as raising Russian gas supplies to Asia-Pacific markets including Japan.
The new project, if completed, would have a capacity of 10 million tons annually, doubling Gazprom's capacity from its sole other plant, on Sakhalin.
Japan Far East Gas Co., the consortium participating in the government-backed project, includes Itochu Corp., Japan Petroleum Exploration Co., Marubeni Corp., Inpex Corp. and Itochu Oil Exploration Co.
Japan used 83 million tons of LNG in 2011, accounting for 14 percent of its total energy use. Almost all the natural gas Japan uses is in the form of LNG.
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