Gazprom and largest Japanese energy companies discuss prospects for deeper cooperation

abarrelfullabarrelfull wrote on 28 Oct 2011 05:37
Tags: gazprom lng russia

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Tokyo (Japan) hosted a number of working meetings of Alexander Medvedev, Deputy Chairman of the Company's Management Committee and heads of Japanese energy companies Mitsui, Mitsubishi and TEPCO.

The meeting considered the prospects for energy cooperation between Russia and Japan. In particular, special attention was paid to the issue of gas supplies to Japan as part of the Sakhalin II project and to potential participation in Japanese energy projects by Gazprom.

With its scarce domestic energy resources, Japan is the world's fourth largest energy consumer. 100 per cent of consumed gas is imported in the form of LNG, making Japan the world's top LNG importer.

Mitsui & Co., Ltd (Mitsui) is a Japanese company engaged in developing, purchasing, selling, distributing and processing all types of energy products both in Japan and abroad, as well as in financial activities. Mitsui holds a 12.5 per cent stake in Sakhalin Energy – operator of Sakhalin II, the world's largest petroleum project. Participating in the project are also Gazprom (50 per cent plus one share), Shell (27.5 per cent) and Mitsubishi (10 per cent).

Mitsubishi Corporation comprises 29 business units in Japan and over 192 ones abroad, it is the leading Japanese company in terms of capitalization. Mitsubishi's major business lines are manufacture and sale of various products (from textile to machinery and equipment), management support for new businesses, state-of-the-art technology and fundraising for projects as well as project management.

Mitsubishi has been involved in liquefied natural gas trading since 1969. Along with Gazprom, Royal Dutch Shell and Mitsui, Mitsubishi Corporation holds a stake in Sakhalin Energy, operator of the Sakhalin II project. Gazprom and Mitsubishi Corporation signed a Memorandum of Understanding in October 2005.

TEPCO (Tokyo Electric Power Company) is a Tokyo-based energy company. Its main businesses are power generation, telecommunications, electric power stations construction and operation, associated housing and utility services, investments in the power sector beyond Japan.

On February 18, 2009 first Russian LNG plant (built as part of the Sakhalin II project) was put into operation. The first cargo with Russian LNG reached Japan in April 2009.

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