Rosneft, ExxonMobil to invest $15 billion for LNG plant

Russia’s state oil company Rosneft and ExxonMobil are considering investing $15 billion in a liquefied natural gas plant.

ExxonMobil Development President Neil Duffin told Russian Prime Minister Vladimir Putin via a video link from Russia’s Pacific island of Sakhalin, “we are talking probably about $15 billion” in order to build a liquefied natural gas plant and necessary infrastructure in Russia’s Far East to tap the lucrative Asian LNG markets.

The LNG facility would process natural gas from their Sakhalin-1 oil and gas project off Russia’s Pacific coast. Rosneft CEO Igor Sechin said that the LNG facility could be either built on Sakhalin or in Russia’s Far Eastern Khabarovsk region, The Arab News reported on Friday, Sechin told reporters that Rosneft and South Korea’s STX Corp. were also holding discussions about the possibility of building a fleet of vessels and platforms for Rosneft’s offshore projects. The project would allow Rosneft and ExxonMobil to tap the lucrative Chinese, Japanese and South Korean natural gas markets.