Russia's biggest independent natural gas producer OAO Novatek (NVTK.RS) will choose partners for its ambitious Yamal LNG project in Russia's Arctic region by the end of the year, the company's Chief Financial Officer Mark Gyetvay said Wednesday.
Russia's biggest independent natural gas producer OAO Novatek (NVTK.RS)
will choose partners for its ambitious Yamal LNG project in Russia's Arctic
region by the end of the year, the company's Chief Financial Officer Mark
Gyetvay said Wednesday.
Industry titans such as ExxonMobil Corp. (XOM), ConocoPhillips (COP), Royal
Dutch Shell PLC (RDSA) and Total SA (TOT) have expressed interest in the
project, which aims to produce liquefied natural gas on
Russia
's
Northern Yamal peninsula in the second half of this decade, Gyetvay said.
"There will be at least one major foreign partner in the project,"
Gyetvay told Dow Jones Newswires in an interview, adding Novatek intends to
keep a 51% stake in the project.
The Yamal LNG project will draw its resources from Novatek's
South
Tambeyskoye
gas condensate field.
The company is mainly looking to export LNG to Asia-Pacific markets through the
Northern Sea Route
, but
may also look at exports to
Europe
and
the U.S.
Last year, Novatek sent its first icebreaker with stable gas condensate north
of
Russia
to the
Pacific region. Wednesday, the company signed a deal with
Russia
's
state nuclear icebreaker fleet, Atomflot, to secure stable supplies through the
Northern Sea Route
from
the Yamal LNG project.
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