Pao Novatek have signed a Memorandum of Understanding (MOU) with Saudi Aramco, the Saudi Arabian National Oil Company.
According to the MOU, the parties agreed to collaborate internationally on natural gas projects, including LNG supplies, development of LNG markets, gas exploration and production projects, as well as research and technology development.
Novatek's Chairman of Management Board Leonid Mikhelson noted: "We see a wide array of exciting and mutually beneficial energy opportunities to cooperate with Saudi Arabia. Our company owns one of the world's largest high-quality, low-cost, conventional gas reserve base and has gained unique and valuable experience of developing LNG projects in the Russian Arctic area. Novatek's strategy envisages rapidly growing our LNG production and attracting international partners, and, accordingly, we welcome the interest of such a globally important company as Saudi Aramco to jointly collaborate with us in gas markets."