A $7bn LNG plant near Vladivostok

27/05/2011 00:19 Natural Gas

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Gazprom and a consortium of Japanese companies will invest $7 billion in the construction of a LNG plant in the Far Eastern Russia, near the Pacific port of Vladivostok, as the Russian giant plans to boost its natural gas supplies to Europe.

The plant will double Gazprom's annual production of LNG to 20 million tons after being launched in 2016. The contract between those two sides was signed previously and is aimed to cover Japanese electricity demand that has increased sharply since the March 11 earthquake and tsunami which reduced the nuclear-power capacity of the country. Under the deal, Japan will get 7 million tons of the LNG a year, and the rest will be carried to South Korea. The return on the investment is expected in seven to eight years.

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