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NOVATEK creates a joint venture in China with Sinopec and Gazprombank

NOVATEK creates a joint venture in China with Sinopec and Gazprombank

Moscow, June 6 - Neftegaz.RU.
On June 5, during the official visit of the President of China Xi Jinping to Russia, NOVATEK, Sinopec and Gazprombank signed Heads of Agreement on establishing a joint venture to market LNG and natural gas to end-customers in China.

“Chinese companies are investing in the development of NOVATEK’s LNG projects in the Arctic region of the Russian Federation. Creating a joint venture to trade LNG and natural gas in the domestic market of China not only facilitates sales of LNG produced, but also opens up opportunities for investments in the development of the end-customer segment in one of the largest and the fastest-growing gas and LNG market in the world,” noted NOVATEK’s Chairman of Management Board Leonid Mikhelson.

“This represents another step in implementing our long-term strategy across the entire value chain from the extraction and liquefaction of natural gas to the sale of LNG to the customers”, Mikhelson added.

NOVATEK is the largest independent natural gas producers in Russia, and in 2017, entered the global gas market by successfully launching the Yamal LNG project.

The conpany expects to increase its LNG production capacity target to 70 million mt/year by 2030, up from a previous target of 57 million mt/year.

To read the news in Russian.

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