Baltic & Vladivostok LNG Projects Agreed by Gazprom
An Agreement of Cooperation as part of liquefied natural gas (LNG ) projects has been signed at the Gazprom headquarters by Alexey Miller, Chairman of the Gazprom Management Committee and Andrey Akimov, Chairman of the Gazprombank Management Board.
The Vladivostok LNG project provides for the construction of an LNG plant with an annual capacity of 10 million tons in the Primorye Territory with the potential for further expansion. The project entered the investment stage in February 2013. The first train will be brought onstream in 2018.
The Baltic LNG project provides for the construction of an LNG plant with an annual capacity of up to 10 million tons in the Leningrad Region. The Investment Rationale for the project will be completed in the first half of 2014.
According to the document, Gazprombank jointly with Gazprom will hold negotiations with international and Russian financial institutions to obtain equity and external financing for the project companies.
Gazprom will support the project companies, inter alia by selecting appropriate sites for LNG plants, obtaining land lease/acquisition rights required for the construction and providing the LNG projects with necessary volumes of natural gas.
Gazprom says it is successfully developing its LNG sales and transportation segment and informs that Gazprombank is among Russia's three largest banks by key performance indicators and among Central and Eastern Europe's top three banks in terms of equity capital.