Apr. 18. 2013
Marubeni Corporation (Marubeni) signed a Memorandum for Strategic Partnership (“Agreement”) with Russia’s largest national oil company (Rosneft) in LNG project implementation in the Russian Far East and joint oil and gas field exploration and development.
Rosneft is the largest vertically integrated company in Russia conducting oil and gas business consistently from upstream development through downstream retailing. Its gas business is showing remarkable growth in recent years, and through the successful acquisition of TNK-BP and a domestic gas company, Rosneft is further strengthening its position as an international supermajor.
Marubeni has established a long-standing partnership with Rosneft through the offtake of crude oil and naphtha, supply of equipments for petrochemical plants, joint logistics/supply base business on Sakhalin Island, and other business. In particular, the Sakhalin-1 Project is a symbol of energy business cooperation between Japan and Russia, where Marubeni, as a major Japanese shareholder participating in “Sakhalin Oil and Gas Development Co., Ltd”, also maintains its close cooperative relationship with Rosneft.
The Agreement reached this time, looking towards launching the LNG project in the Russian Far East, is for both companies to jointly conduct studies and consider plans for marketing of LNG, engineering and construction of an LNG plant, supply of equipment and machinery, financing, and transportation of LNG. The Agreement also envisages joint study of exploration and development of oil and gas fields at Rosneft license areas.
By further enhancing the partnership with Rosneft through energy related business, such as LNG and other development projects in the Russian Far East, Marubeni is committed to contributing not only to a new stage of mutually beneficial relations between Japan and Russia, but to stable supply of energy in the entire Far East Asia region, including Japan.
Outline of Rosneft
Company name: Open Joint Stock Company “Oil Company” Rosneft
Business: Exploration, development, refining and sale of oil and gas
Location: Moscow, Russia
President and Chairman of the Management Board: Mr. Igor Sechin