Novatek signed agreements with Chinese National Petroleum Company
(CNPC) and the China Development Bank to cooperate in implementing the
Arctic LNG 2 project, the Russian company announced on Wednesday.
According
to the statement, the strategic cooperation agreement confirms that
Novatek, one of the largest independent natural gas producers in Russia,
and the CNPC will cooperate in implementing the giant gas project, the
Arctic LNG 2 project. The agreement also covers collaboration in
different segments of LNG and natural gas markets, including LNG trading
and gas infrastructure development.
"Our companies already have a
history of effective cooperation, including the successful
implementation of the Yamal LNG project [an LNG project in the Russian
Arctic]," Chairman of Novatek's Management Board Leonid Mikhelson was
quoted as saying.
He added that, "We believe our strategic
cooperation agreement will further enhance our mutual relationship as
well as open up new opportunities for both companies, utilizing our
experience in implementing LNG projects combined with the enormous
opportunities in the Chinese market, one of the most perspective gas
markets globally."
The Russian company also signed a second
agreement - a memorandum of understanding with the China Development
Bank to also cooperate in implementing the Arctic LNG 2 project,
including financing and investment into the capital of this project as
well as in other projects.
"Our strategy envisages a rapid growth of LNG production using international financing sources," Mikhelson said.
(Anadolu Agency)