Rosneft’s President and Chairman of the Management Board Igor Sechin signed Heads of Agreement regarding sale and purchase of LNG with President of Japan’s Sakhalin Oil and Gas Development Co., Ltd. (SODECO) Yoshiaki Umemura during the official part of the St. Petersburg International Economic Forum.
The agreement sets forth key commercial terms of the long-term contract for the delivery of 1 million tons of LNG to be purchased annually from Rosneft’s future project in the Far East to start in the first quarter of 2019, for Japan as the main sales market.
Being partners in the Sakhalin-1 project, Rosneft and SODECO have a wealth of experience of successful cooperation in oil and gas production and distribution.
The agreement with SODECO is critical for the Russian corporation, because it gives Rosneft an access to the strategically important Japanese natural gas market – the largest in the Asia-Pacific region. SODECO values the cooperation offers a new source of stable and effective LNG supply to customers in Japan.