Rosneft and ExxonMobil to Invest into LNG in Russia

Russia's Ronseft and ExxonMobil agreed to move to the next planning phase for an LNG development in the Russian Far East, announcing on Friday several other agreements to explore licences in the Russian Arctic. 

The companies signed "an agreement identifying further steps for the development of an LNG plant in the Russian Far East. Following the agreement, by the end of 2013 the parties will undertake work to determine an LNG plant site, gas liquefaction technologies and commercial structure of the project. Once this work is finalized, the parties plan to progress engineering definition,” reads a note released by ExxonMobil. 

The two companies are also proceeding with their joint projects in the Chukchi Sea, Laptev Sea, Black Sea and Kara Sea. 

“ExxonMobil is making a significant investment in Russia, and these agreements serve as the foundation for our projects and future work together,” said Rex Tillerson, chairman and CEO of Exxon Mobil Corporation.

During the Saint Petersburg International Economic Forum, Rosneft also signed agreements with China National Petroleum Corporation, Eni, General Electric, Marubeni, PKN ORLEN, Saras, Sanors, Sodeco, Statoil, Trafigura, Vitol and Croatia's Ministry of Economy.