Russian state-run gas giant Gazprom and Tokyo-based conglomerate Mitsui & Co. inked a memorandum of understanding (MOU) on liquefied natural gas (LNG) development last week. The MOU was signed during a meeting between Gazprom CEO Alexei Miller and Mitsui Chairman Masami Iijima during the Eastern Economic Forum being held in Vladivostok, Russia. The deal includes building an LNG plant on the Baltic Sea coast and would mark the two companies’ second joint LNG project. Miller said that there was great potential for LNG development cooperation between the two countries. Currently, Japan – the world’s top LNG importer – is also the largest buyer of Russian LNG, importing a 36 percent share of the country’s LNG production. “Japanese companies are showing interest … in Baltic LNG. Today, Gazprom and Mitsui signed a memorandum of understanding, based on which opportunities for cooperation on the project will be considered,” Miller said. Baltic […]