Russian oil and gas company Gazprom and Japanese trading house Itochu have signed a memorandum of understanding (MoU) on the proposed Baltic liquefied natural gas (LNG) export project.
"With this document, the parties confirmed their interest in potential cooperation in the framework of the project," said a press note from the Russian gas giant.
A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Yoshihisa Suzuki, President and Chief Operating Officer of Itochu Corporation, took place in St. Petersburg on December 13.
Itochu Corporation is one of Japan's largest general trading companies. It is engaged in oil & natural gas production and processing and LNG projects.
The Baltic LNG project envisages the construction of an LNG plant with the annual capacity of 10 million tons in the port of Ust-Luga, Leningrad Region.