Sakhalin-2 will start exporting LNG next month

Tokyo: The first LNG exports from the much delayed Gazprom-controlled Sakhalin-2 project on the Russian Pacific shelf to Japan are to start at the end of March.

Oil and Gas condensate production is planned at 5 million tons in 2009, the ministry said. Mitsubishi Corp holds a 10% stake in the project, while Mitsui & Co. owns 12.5%. Russia’s OAO Gazprom holds 50% plus one share, and Royal Dutch Shell PLC has 27.5% minus one share. Under the contracts with Gazprom, Japanese electric and gas utilities plan to purchase more than 60% of the 9.6 million tons of LNG to be produced annually at the facility. MOL is tasked with moving the cargoes.

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