As per the agreed terms, both the companies will begin talks to develop opportunities for the use of Golar’s GoFLNG facilities in Latin America and potentially other locations.

Through this partnership,Golar will combine its midstream LNG credentials such as liquefaction, transportation and regasification with Rosneft’s upstream portfolio.

The companies are also planning to sign two FLNG tolling agreements for projects within Rosneft’s portfolio.

Rosneft produced close to 42.1 bcm of gas in 2013 and is aimed at producing 100 bcm of gas annually by 2020.

Golar plans to expand its business by deploying its floating liquefaction technology (GoFLNG), in a move to become the industry’s leading integrated midstream LNG services provider, supporting resource owners, gas producers and gas consumers.