25/05/2018

Press release: Gazprom and Shell continuing joint work on Baltic LNG project

A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Ben van Beurden, Chief Executive Officer of Royal Dutch Shell, took place today at the St. Petersburg International Economic Forum 2018.

 

The meeting participants discussed topical issues of strategic cooperation. Particular attention was paid to interaction in the area of liquefied natural gas, including a joint feasibility study on the Baltic LNG project.

 

In the course of the meeting, the Agreement on the Baltic LNG project was signed in furtherance of the Heads of the Joint Venture Agreement. The new document contains, inter alia, an agreement on the priority use of Russian technical standards when designing and preparing specifications for equipment, which is aimed at the LNG industry development in Russia. The Agreement also sets out the key operating aspects of the future joint venture, including occupational safety, industrial safety and social responsibility matters.

Special emphasis was placed at the meeting on the Nord Stream 2 project.

 

Background

Royal Dutch Shell plc is a British-Dutch oil and gas holding company focused on hydrocarbon production, processing and marketing in more than 70 countries.

Gazprom and Shell are jointly engaged in the Sakhalin II project, which includes Russia's first LNG plant.

In 2015, Gazprom and Shell signed the Memorandum to construct the third production train of the LNG plant, as well as the Agreement of Strategic Cooperation.

In 2017, Gazprom and Shell inked the Heads of Agreement to set up a joint venture for the purposes of implementing the Baltic LNG project and signed the Joint Study Framework Agreement to that effect.

The Baltic LNG project envisages the construction of an LNG plant with the annual capacity of 10 million tons in the port of Ust-Luga, Leningrad Region.

Nord Stream 2 is the construction project for a gas pipeline with the annual capacity of 55 billion cubic meters from Russia to Germany across the Baltic Sea.


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