The plant is expected to be constructed with an initial annual capacity of five million tonnes, which is slated to commence operations in 2018-2019.
Rosneft head Igor Sechin was quoted by Reuters as saying that the new project is building to target the Asia Pacific markets.
"At the moment, the project’s implementation is going according to the plans that were announced," Sechin added.
The current LNG prices in Asia is around $15 per million British thermal units (MMBtu), which will enable the company to successfully carry out its LNG project, noted Rosneft.
In Russia, only one LNG plant is situated on the Pacific island of Sakhalin, which is controlled by the state-run company Gazprom, and has the annual capacity of about 10 million tonnes.
