Gazprom, Mitsui Sign Memorandum of Understanding on Baltic LNG Plant

VLADIVOSTOK (Sputnik) - Baltic LNG plant is expected to be built next to the seaport of Ust-Luga, about 70 miles west of St. Petersburg. The plant will have the production capacity of 10 million tonnes of gas per year.

Russian energy giant Gazprom and Japanese Mitsui & Co. Ltd. have signed a memorandum of understanding at the Eastern Economic Forum on the liquefied natural gas plant project Baltic LNG, the Russian company said in a statement on Wednesday. The memorandum was signed after the meeting between Gazprom CEO Alexey Miller and Mitsui Chairman of the Board of Directors Masami Iijima.

"Today Gazprom and Mitsui signed a memorandum of understanding, according to which the sides will examine cooperation possibilities of the project," the company said.

Baltic LNG plant is reportedly expected to fulfill the demands of the European and Latin American markets. Last year, Gazprom has announced that that Baltic LNG plant would start its operations in 2022-2023 while the date could be reconsidered after the planning documentation on the project would be finished.

The fourth Eastern Economic Forum kicked off Tuesday and will last through Thursday on the island of Russky in the Russian city of Vladivostok.

READ MORE: Gazprom Boosts Gas Extraction in January-August by 7.5% Year-on-Year