Rosneft and ExxonMobil prolong duration of agreement on implementation of Far East LNG project

Rosneft and ExxonMobil have prolonged the duration of their agreement on the implementation of the Far East LNG project. The agreement was signed by head of Rosneft Igor Sechin and ExxonMobil Development’s president' Neil Duffin at the SPIEF 2014, the Russian state-owned company’s press centre reports.

In accordance with the developed conceptual projects, the completion of the construction and launch of the LNG plant, the supply pipeline and offshore facilities are scheduled for 2018-2019. Engineering research on land and at sea are planned in the summer season of 2014.
Currently within the first stage of design work development of conceptual project is completed, the parameters were determined and a proposed site of the LNG plant accommodation and gas liquefaction technology were approved; preparations to start the second stage of engineering was conducted. The initial estimated capacity of the plant is approximately 5 million tons of LNG per year, with a possible increase in the future. Raw materials for the LNG plant will be natural gas from Rosneft’s reserves in the Far East and the Sakhalin-1 project’s reserves.