Page 9 - GLNG Week 35 2022
P. 9
GLNG ASIA GLNG
New Sakhalin-2 operator scraps
LNG sale to Asian buyer
PROJECTS ENI (Italy) appears to have made some altera- according to Bloomberg, but customers have
tions to its schedule for loading the first cargo of nevertheless consulted lawyers to check before
LNG for export from Mozambique, as a tanker committing to deals with the new operator or
that was due to rendezvous with the Coral Sul making payments to other banks.
floating LNG (FLNG) vessel has changed course. One buyer that has entered into a deal with
Under a June 30 presidential decree, Rus- the new operator is Japan’s JERA, who told Reu-
sia transferred all rights and obligations of the ters on August 25 that it had done so to maintain
Sakhalin-2 project from the Sakhalin Energy long-term deliveries of LNG.
Investment consortium to a new operator called “The main conditions such as volume, price
Sakhalinskaya Energia, after accusing the share- and [payment] currency remained the same as
holders, which include Shell and Japan’s Mitsui the previous contract,” a spokesperson for JERA
and Mitsubishi, of violating their obligations. told Reuters. Kyushu Electric Power also told the
According to Bloomberg, customers have been news agency it was likely to maintain its long-
asked to commit to new deals and send pay- term contract, while Tokyo Gas said it was still
ments to banks in Moscow from August 19, weighing up the matter. Saibu Gas and Tohoku
when operatorship was transferred. Electric Power have said they are still assessing
Most affected by any disruptions in supply the details of the agreement.
will be Japan, the biggest offtaker of gas from Mitsui and Mitsubishi have decided to retain
Sakhalin-2, and South Korea, the second-big- their stakes in the new Russian operator, under
gest buyer. pressure from the Japanese government, which
“With Sakhalin, North East Asia will have is concerned about Japan’s energy security. Gaz-
to drag more cargoes away from Europe, inten- prom has just over a 50% interest in the new
sifying the scramble for gas between Asia and operator as it did in the previous one, while Shell
Europe heading into winter that could send LNG is expected to withdraw, having committed to
prices to unprecedented levels,” an energy ana- leaving Russia in a phased manner after the out-
lyst at Credit Suisse told Bloomberg. break of war in Ukraine in late February.
Most details of the Sakhalin-2 sales contract
remain the same, including price and volume,
Week 35 02•September•2022 www. NEWSBASE .com P9
