Russian gas producer Novatek has signed an agreement with the Chinese National Petroleum Company (CNPC) for strategic cooperation in connection with the implementation of the Arctic LNG 2 project.
Under the agreement, the companies will also collaborate in different segments of the Liquefied natural gas (LNG) and natural gas markets, including LNG trading and gas infrastructure development.
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Novatek also signed a memorandum of understanding (MoU) with the China Development Bank for cooperation regarding the Arctic LNG 2 project.
The MoU also involves financing and investment into the capital of other NOVATEK’s projects.
Novatek management board chairman Leonid Mikhelson said: “Our companies already have a history of effective cooperation, including the successful implementation of the Yamal LNG project.
“We believe our strategic cooperation agreement will further enhance our mutual relationship, as well as open up new opportunities for both companies, utilising our experience in implementing LNG projects combined with the enormous opportunities in the Chinese market, one of the most perspective gas markets globally.”
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By GlobalDataIn June this year, the company’s subsidiary Arctic LNG-1 secured the bid for a geological survey, exploration and hydrocarbons production licence at the Gydanskiy peninsula for a period of 27 years.
The Gydanskiy licence area is located close to the Utrenneye field, which will serve as the resource base for the Arctic LNG-2 project.
The LNG-1 project will supply gas to Europe and Asia.
Novatek operates in the Yamal-Nenets Autonomous Region and is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons.
