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NOVATEK and Saibu Gas Co. sign LNG HoA

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LNG Industry,

PAO NOVATEK has announced that it has signed a heads of agreement (HoA) with Saibu Gas Co.

The HoA was signed in the presence of the Minister of Economic Development of the Russian Federation, Maxim Oreshkin, and the Minister of Economy, Trade and Industry of Japan, Hiroshige Seko.

Under the HoA, NOVATEK and Saibu aim to create a joint venture (JV) focused on marketing LNG and natural gas to end customers, and developing the business for bunkering and gas-fired power generation in Japan and the Asian region, as well as constructing and operating a new LNG storage tank at the Hibiki LNG terminal.

Leonid Mikhelson, NOVATEK’s Chairman of the Management Board, said: “We have made another important step forward in implementing our strategy to enter the end customer market in key gas consuming countries, among which Japan is one the biggest markets and long time consumer of LNG.”

“The creation of our joint venture with Saibu Gas allows us to increase the marketing flexibility of natural gas supplies and create additional opportunities for LNG sales in this important gas consuming region.”

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