Novatek Gas&Power Asia, a trading subsidiary of Pao Novatek, has announced at the International Conference & Exhibition on LNG in Shanghai, that it has signed a non-binding Heads of Agreement (HoA) for the supply of LNG with Repsol.
The HoA envisages concluding a 15-year contract with annual supply of 1 million t of LNG from the Arctic LNG 2 project, as well as other Novatek projects. The LNG will be delivered ex-ship primarily to markets on the Iberian Peninsula.
“The agreement for the sale of LNG would allow us to increase our market presence on the Iberian Peninsula where Russian pipeline gas is not supplied,” noted Novatek’s First Deputy Chairman of the Management Board Lev Feodosyev. “Expanding our supply geography and diversifying our long-term contract customer base is consistent with the company’s strategy to ramp up LNG production in the Russian Arctic.”
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/03042019/novatek-and-repsol-sign-hoa-for-lng-supply-deal/