Pao Novatek has announced that its joint venture with Gazprombank, Cryogas-Vysotsk, has commenced full scale production of LNG.
During the official ceremony at the port of Vysotsk, Russian President Vladimir Putin has formally started the Cryogas-Vysotsk LNG project.
“Cryogas-Vysotsk is our first medium-scale LNG project.” noted Novatek’s Chairman of Management Board Leonid Mikhelson, “Our marketing strategy provides for loading of bunkering vessels, small wholesale LNG sales, and LNG sales as motor fuel to the Baltics, Scandinavia and North-Western Europe markets. Natural gas used as transport fuel reduces carbon emissions and complies with new environmental standards such as the sulfur emissions reductions mandated by IMO 2020. We see potential to expand our commercial presence in this developing LNG market segment.”
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