Gazprom and Itochu Discuss South Stream Cooperation

Gazprom CEO Alexey Miller has met with President and Chief Executive Officer of Itochu Eizo Kobayashi to discuss possible cooperation on the South Stream pipeline.

Gazprom is the major shareholder in the South Stream project with a 50 per cent stake. Italy's Eni holds a 20 per cent stake, while German Wintershall Holding and France's EDF hold a 15 per cent stake each.

No details were given as to how Itochu might participate or in what capacity.

The meeting, which was was hosted at Gazprom's headquarters yesterday, was set up to talk about the two companies' cooperation on an LNG project currently under development by the two.

In January 2011, Gazprom and the Japanese State Agency for Natural Resources and Energy signed an agreement to undertake a feasibility study for the construction of a liquefied natural gas in Vladivostok, Russia. Through this agreement, a consortium of Japanese companies including Itochu was set up to undertake this feasibility study and to examine the possibilities of the supply of gas to Asia-Pacific from Vladivostok.

Yesterday saw the two companies discuss the interim results of the construction of this LNG plant as well as the future steps for the construction of a gas chemicals plant in Salavat, Russia.