Novatek inks Arctic LNG 2 deals with Chinese partners

Russia’s largest independent natural gas producer, Novatek signed a memorandum of understanding with China Development Bank for the implementation of Arctic LNG 2 project. 

In addition to Novatek’s second LNG project, the two companies agreed to cooperate on other projects, including financing and investment into the capital of these projects.

Speaking of the agreement, Novatek’s chairman, Leonid Mikhelson said, “our strategy envisages a rapid growth of LNG production using international financing sources.”

The company has already cooperated with the China Development Bank on the Yamal LNG project, Mikhelson said.

Novatek pens LNG deal with CNPC

In a separate statement, Novatek said it has also signed a strategic cooperation agreement with the China National Petroleum Company (CNPC).

The deal confirms the intentions of the two companies to cooperate on the implementation of the Arctic LNG 2 project, as well as collaborating in different segments of the LNG and natural gas markets, including LNG trading and gas infrastructure development.

LNG World News Staff