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Japan and Russia plan LNG hub in Far East

Transfer terminal to lower shipping costs from Siberian production sites

Novatek produces LNG in northern Russia. The gas reaches Asian destinations faster than U.S. shale gas, but transport costs are high.

TOKYO -- Japan seeks to ease the transport of liquefied natural gas from northern Russia by cooperating with Moscow on construction of a transfer hub in the country's far east, as Tokyo looks to diversify supplies of the energy source to guard against political risks.

Trading house Marubeni and shipbuilder Mitsui O.S.K. Lines are among the Japanese companies considering participation in Russian gas producer Novatek's plan to complete an LNG terminal in 2023 on Russia's Kamchatka Peninsula. Tokyo also might provide aid through public financial institutions such as the Japan Bank for International Cooperation and Nippon Export and Investment Insurance.

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