Russian Novatek signed on November 1, 2017, a strategic cooperation agreement with the Chinese National Petroleum Company (CNPC) as well as a MoU with China Development Bank.
The CEO of Novatek Leonid Mikhelson and Wang Yilin, the CEO of CNPC, signed the agreement in the presence of Russian PM Dmitry Medvedev and Chinese Premier Li Keqiang.
Novatek has signed 2 strategic deals with China that strengthen its case to develop a 2nd Arctic LNG-export venture.
The company signed a MoU with China Development Bank to finance and invest in capital for Arctic LNG 2 and for other projects.
Novatek has also signed a strategic cooperation agreement with CNPC «to cooperate in implementing the Arctic LNG II project».
They will also work together to develop gas infrastructure and to trade LNG.
Leonid Mikhelson said: «Our companies already have a history of effective cooperation, including the successful implementation of the Yamal LNG project. We believe our strategic cooperation agreement will further enhance our mutual relationship as well as open up new opportunities for both companies, utilizing our experience in implementing LNG projects combined with the enormous opportunities in the Chinese market, one of the most perspective gas markets globally.»
To read the news in Russian.