Novatek tags SACE for Arctic LNG 2 cooperation

Russia’s largest independent natural gas producer, Novatek, signed a memorandum of strategic cooperation on the Arctic LNG 2 project with the Italian financial insurance specialist SACE.

Under the agreement, the two companies aim to establish long-term cooperation on Novatek’s Arctic LNG 2 project as well as on new LNG projects involving Italian suppliers and engineering companies.

To remind, Italian contractor Saipem secured a €2.2 billion ($2.5 billion) deal, in a joint venture with Turkey’s Renaissance, to build three 6.6 mtpa liquefaction trains for the Arctic LNG 2 project.

Novatek’s head Leonid Mikhelson noted the companies have cooperated on the Yamal LNG project.

The Arctic LNG 2 project envisages construction of three LNG trains at 6.6 million tons per annum capacity each, using gravity-based structure (GBS) platforms, using hydrocarbon resources of the Utrenneye field.