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Novatek and Mitsui sign MoU

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LNG Industry,

Novatek has released a statement claiming that it has signed a Memorandum of Understanding (MoU) with Mitsui.

Under the MoU, both parties have agreed to pursue strategic cooperation in the upstream and liquefaction sectors in Russia, LNG and liquid hydrocarbons supply, equipment and technology supply, as well as the joint development of LNG markets.

Leonid Mikhelson, the Chairman of Novatek’s management board, commented: “We see the enormous potential of mutually beneficial cooperation with Japanese companies in implementing LNG projects by combining our expertise to ensure the most cost competitive LNG production as well as joint developing of LNG markets. I am confident the cumulative potential of our companies will allow us to increase the efficiency of our projects by utilising the prolific hydrocarbon resource base of Novatek in the Arctic.”

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