Led by Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee, a Gazprom delegation completed its visit to Japan. In the course of the visit the delegation held meetings with representatives of Japan’s business community.

In particular, the delegation conducted talks with Harufumi Mochizuki, Director-General of Japan’s Agency for Natural Resources and Energy, top managers of Tokyo Gas, Tokyo Electric, Mitsubishi Corporation, Chiyoda Corporation, Chubu Electric as well as Japan Bank for International Cooperation (JBIC).

The parties discussed all issues of mutual interest, placing a focus on deeper bilateral cooperation within LNG swap deals, potential interaction in third countries and prospects for cooperation within prominent infrastructure projects of Gazprom.

At the meeting with Tokyo Gas the parties decided to shortly enter into a framework agreement to execute transactions with LNG.

Reference:

Established in 1973, the Agency for Natural Resources and Energy with Japan’s Ministry of Economy, Trade and Industry (METI) is responsible for the national energy security and energy sufficiency plans. The Agency is the only government body in charge of the strategic development of Japan’s energy mix.

Tokyo Gas is a prominent player in the LNG market of Japan. The company supplies LNG practically within all of the large projects in Asia Pacific. Over 2005 Tokyo Gas provided Japan with some 7.8 mln t of LNG.

Tokyo Electric mainly focuses on power generation, including with the help of LNG. The company holds a 33 per cent share of the Japanese electricity market. Tokyo Electric is a prominent supplier of LNG to Japan. In 2005 the company supplied over 15 mln t of LNG to its terminals.

In August 2006, Tokyo Electric and Gazprom Marketing & Trading entered into a framework agreement for short-term trading in LNG.

Mitsubishi Corporation has been involved in LNG trading since 1969. The company is a partner in the North West Shelf upstream project for Australia’s northwest continental shelf, a stakeholder in Brunei LNG (Brunei), MLNG Satu, MLNG Dua and MLNG Tiga (Malaysia), Oman LNG and Qalhat LNG (Oman) as well as an investor in the Tangguh LNG plant construction project in Indonesia.

In October 2005, Gazprom and Mitsubishi Corporation signed a Memorandum of understanding.

Mitsui Corporation is comprised of 549 consolidated subsidiaries specializing in the major businesses: project development, sale and acquisition, distribution, processing and storage of all energy products, resources, raw materials and end products in Japan and abroad.

Chiyoda Corporation primarily focuses on integrated engineering and construction of industrial and energy facilities.

Chubu Electric is Japan’s third-largest electricity company in terms of generated and sold energy, operational income and asset amount.

On August 2, 2006, Chubu Electric and Gazprom Marketing & Trading entered into a framework agreement to execute short-term LNG swap deals. On August 18, 2006, the first LNG carrier was sold to Chubu Electric within the scope of the above agreement after a deal with Mitsubishi Corporation.

Japan Bank for International Cooperation (JBIC) is Japan’s state run bank established for supporting and promoting Japan’s export, import and international economic cooperation.