Mitsui O.S.K. Lines and Marubeni Sign Cooperation Agreement with Japanese Project Promotion Vehicle in the Far East LLC
On September 5th, Mitsui O.S.K. Lines, Ltd. and Marubeni Corporation announced the signing of a business cooperation agreement with Japanese Project Promotion Vehicle in the Far East LLC (JPPV) (*1).
JPPV is jointly established by Japan Bank for International Cooperation, Far East Investment and Export Agency (*2), Far East and Baikal Region Development Fund (*3) with the objectives of encouraging Japanese companies to launch business in Russia and promoting Japanese investment in Russia and the Far East. The agreement aims to draw upon JPPV’s expertise in order to smoothly establish LNG transshipment terminals in the Far East.
MOL and Marubeni have signed a memorandum of understanding (MOU) with PAO NOVATEK (NOVATEK) (*4), Russia’s largest independent gas production and sales company, for a joint feasibility study aimed at establishing an LNG transshipment and marketing complex off Kamchatka Peninsula, where Advanced Special Economic Zones (ASEZ) (*5) is located; this agreement in meaningful for the commercialization of the transshipment terminal.
Marubeni and MOL will contribute not only to the mutual relationship between Japan and Russia, but to continued regional development in the Russian Far East.
(*1) Outline of JPPV
| Name | Japanese Project Promotion Vehicle in the Far East LLC |
|---|---|
| Establishment | March 2018 |
| Representative | Alexey Khachay |
| Location | 690091 Vladivostok, Okeanskiy Prospekt, 17-403/1 |
| Business | Advisory for encouraging Japanese companies to launch business in Russia and promotes Japanese investment in Russia and the Far East. |
(*2) External organization established by Ministry of Far East Development in 2016;
works towards promoting investment in the Far East.
(*3) A fund established with investments from the State Corporation bank for Development and Foreign Economic Affairs in 2011, with the objective of promoting the Far East region.
(*4) Company name: PAO NOVATEK
| Company name | PAO NOVATEK |
|---|---|
| Establishment | 1994 |
| Chairman of the Management Board | Leonid Mikhelson (CEO) |
| Location | 22 A, Pobedy Street, Tarko-Sale, Yamalo-Nenets Autonomous District, 629850, Russia |
| Business | Exploration, production, processing and marketing of natural gas and various hydrocarbon resources |
(*5) The Russian government established investment incentives targeting the Russia Far East region as an Advanced Special Economic Zones.
