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Gazprom, Summa to Study Using LNG as Marine Fuel, Build Storage

OAO Gazprom, Russia’s natural-gas export monopoly, and ports operator Summa Group agreed to study using liquefied natural gas as a bunker fuel for ships and to build storage facilities in the North and Baltic Seas.

The two companies will at a later stage also consider expanding cooperation in the Black and Mediterranean Seas and the Pacific Ocean, they said today in a joint statement after signing a memorandum of understanding.

Gazprom, the world’s biggest gas producer, is promoting use of the fuel to power ships and vehicles as a cleaner and cheaper alternative to oil. Global demand for LNG, which is gas cooled to a liquid for transportation by tanker, will more than double by 2025, Deutsche Bank AG forecast in August.

Summa invests in Russian ports and a Rotterdam oil terminal. Gazprom owns a majority share in Sakhalin Energy, which operates Russia’s only LNG plant off the country’s Pacific coast, and plans to build another near Vladivostok, also tapping fields around Sakhalin Island. It’s also developing smaller LNG projects to supply small business and to fuel vehicles.

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