A total of $7 billion will be invested by Gazprom and Japanese companies in a long-mooted LNG plant destined for Far Eastern Russia, Reuters reported today.
South Korea could also benefit from the plant which could be built near Vladivostok as Russian energy monopoly Gazprom looks to double its LNG production.
Plans for the plant are long in the offing but financial details have been conspicuous by their absence.
Today, however, news wire Reuters quoted an unidentified Gazprom source as saying: “Total investments to build the plant will total $7 billion.”
The source continued: “The return on the investments is expected in seven to eight years”.
Japan is set to get seven million tonnes of LNG per year from the plant if it comes to fruition with the remained produced to head to South Korea, Reuters reported. It is due online in 2016, the report read.
A consortium of Japanese companies would join in the venture with the Russian company which is looking to boost annual LNG production to 20 million tones
