Gazprom, a Russian gas giant, and Royal Dutch Shell plc have signed a document on the basic conditions of a joint venture for the implementation of the Baltic LNG project, the Russian Holding reports on Saturday.
The agreement defines the principles of operation of the joint venture, which will undertake the design, financing, construction and operation of the LNG plant located in the Leningrad region. On the basis of these principles, Gazprom and Shell will continue further work on the Baltic LNG project.
The parties have also concluded a framework agreement on a joint feasibility research for the Baltic LNG project. This agreement will allow companies to begin the development of a pre-design documentation in the near future.
As a reference, the project for Baltic liquefied natural gas plant is developed by Gazprom on the Gulf of Finland of the Baltic Sea in the Russian region of Leningrad.