Itochu consortium, Gazprom to build LNG plant

Plant will help sate Japan's growing energy needs.

A consortium led by Japanese trading house Itochu Corporation is set to build an LNG plant in Russia with Gazprom, the Russian state-owned oil and gas monopoly.

The Japanese group and Russia's top energy producer will build the liquefied natural gas plant in Vladivostok with annual capacity of around 15 million tons.

Japan's LNG imports have soared since 2011 when the Fukushima nuclear crisis drove the country to dramatically cut its reliance on nuclear power. The project also benefits Gazprom as it gains new access to potential long-term customers.

The consortium, which is called Japan Far East Gas Company, has five firms including Itochu, Japan Petroleum Exploration and Marubeni Corporation.