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Novatek and JOGMEC sign MOU on LNG cooperation

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LNG Industry,

Taking the opportunity of the meeting between the President of Russian Federation Vladimir Putin and the Prime Minister of Japan Shinzo Abe, the Chairman of the Management Board of Pao Novatek, Leonid Mikhelson, and the Chairman and CEO of Japan Oil, Gas and Metals National Corporation (JOGMEC), Tetsuhiro Hosono, signed a Memorandum of Understanding (MOU).

According to the MOU, the parties have agreed to explore opportunities to cooperate on Novatek’s projects in the Yamal and Gydan peninsulas, including the Arctic LNG 2 project, on developing a regular transport link via the Northern Sea Route for LNG deliveries to the Japanese and Asia-Pacific markets, as well as exploring LNG marketing opportunities in the Asia-Pacific region.

“We welcome the expression of interest from international partners to our LNG projects in the Yamal and Gydan peninsulas.” noted Leonid Mikhelson, Novatek’s Chairman of the Management Board, “Our prolific hydrocarbon resource base combined with our experience in implementing large scale LNG projects and navigating the Northern Sea Route creates a solid platform for mutually beneficial cooperation. Japan is one of the most significant global LNG markets, and we expect further expansion of cooperation in this area which will facilitate the development of trade and economic relations between our countries.”

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