Japan, Russia join LNG hands

An agreement with Marubeni Corp. on the implementation of an LNG project ensures a foothold in the Asian market, Russian company Rosneft said. Both companies signed a memorandum of cooperation on the implementation of a liquefied natural gas project in Russia's Far East. The measure includes the possibility for joint exploration and development in oil and natural gas fields held by Rosneft. "Agreements reached today are aimed, among other things, at ensuring sales market in Japan, which will strengthen Rosneft positions at the promising Asia-Pacific market," Rosneft President Igor Sechin said in a statement. Japan relies on LNG to meet its natural gas demands. Demand for natural gas has surged in response to nuclear power shortages that followed the Fukushima Daiichi meltdown in 2011. Neither side offered an expected reserve potential of the eventual deliveries and exploration. Russian natural gas company Gazprom in 2007 adopted a program to get more natural gas to Asian markets. Gazprom delegates met this week with Japanese officials to discuss the Vladivostok LNG project planned for Russia's eastern shores.