Japan will Invest about $3 bln in Russia`s Arctic LNG 2 Project

Russian President Vladimir Putin said that Japan’s investments in the Arctic LNG 2 project will amount to almost $3 bln.

`An important agreement has just been signed that the Japanese partners Mitsui. Japan Oil. Gas and Metals National Corporation join the construction of the Arctic LNG-2. Under that agreement investments will amount to almost $3 bln.` he said at a press conference held after the negotiations with Japanese Prime Minister Shinzo Abe.

The Russian leader noted that energy remains the main area of bilateral cooperation between Russia and Japan. Companies from Japan are participating in the Sakhalin-2 project. He added that Russian nuclear corporation Rosatom is continuing to work to eliminate the consequences of the Fukushima disaster. The two countries are working on a number of initiatives to reprocess used nuclear fuel and options of working together in third countries.

Putin also mentioned the development of cooperation on transport and infrastructure. He stated that a series of test shipments across Trans-Siberian railroad showed the cost-effectiveness of the route. which allows Japan to increase supplies of its goods to European markets.

`The cross-year exchanges of cross-regional exchanges in Russia and Japan in 2020 will facilitate the expansion of contacts between the regions. This what we have agreed with Mr. Prime Minister today.` the Russian President said.

The Arctic LNG 2 is the second LNG project of Russian independent gas producer Novatek after Yamal LNG. The project is based on hydrocarbon resources of the Utrenneye field on the Gydan peninsula. The plant will contain three LNG trains with capacity of 6.6 mln tonnes per annum each.


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