TOKYO -- A group of Japanese companies and its government are set to launch a new liquefied natural gas project with Russian and U.S. partners in far eastern Russia in a move that may shift the power dynamics of the growing global LNG market.
The project involves Exxon Mobil, Russian state oil company Rosneft and Sakhalin Oil and Gas Development, a Japanese consortium that counts Japan's Ministry of Economy, Trade and Industry as well as Itochu, Japan Petroleum Exploration and Marubeni as shareholders. The parties are in talks to produce LNG from the Sakhalin I Project, which already produces crude oil.
