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ExxonMobil & Rosneft to Build Sakhalin LNG Plant

Source: Reuters 10/25/2018, Location: Asia

Rosneft and ExxonMobil plan to build a liquefied natural gas (LNG) plant in a consortium with Indian and Japanese partners, spreading the estimated $15 billion cost, according to sources. The four companies - Rosneft, Exxon, Japan’s SODECO and India’s ONGC Videsh - are partners in the Sakhalin-1 group of fields that will supply the gas, but Exxon and Rosneft had initially planned to build the LNG plant without the other consortium members.

As well as spreading the costs among more stakeholders, the broader involvement of the participants may mitigate sanctions risk. LNG production itself is not subject to sanctions, but Russian companies have limited access to financial markets due to the restrictions. Exxon had to leave most of its other new joint projects with Rosneft due to the West’s punitive measures against Moscow.

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