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Russian gas producer NOVATEK joined the Arctic Economic Council

NOVATEK, founded in 1994 and traded on the Moscow and London stock exchanges, owns 60 % of the Arctic LNG 2 project.

Russian gas producer NOVATEK joined the Arctic Economic Council

Moscow, February 3 - Neftegaz.RU. NOVATEK announced today that the company has formally joined the Arctic Economic Council.

The Arctic Economic Council (AEC) is an international business forum established in 2014, that facilitates Arctic business-to-business activities and responsible economic development through the sharing of best practices.

The AEC’s active organizations include a diverse range of companies, from start-ups, small- and medium-sized enterprises to regional and international corporations operating in the Arctic zone.

Leonid Mikhelson, NOVATEK’s Chairman of the Management Board said:
  • The responsible development of the Arctic region is core to the sustainable development principles at NOVATEK
  • We operate many of our present facilities in the Arctic region of Russia as well as ambitions plans for the future development of our LNG platform
  • Responsible business conduct in compliance with international standards and best practices in environmental protection and climate change mitigation is one of the priorities for the company
  • NOVATEK's participation in the AEC signifies our commitment to this initiative and our contribution to the region's sustainable economic development
The company intends to become one of the world's largest LNG producers by 2030 via projects in the inhospitable Arctic environment.

NOVATEK’s long-term development strategy envisages a significant growth in LNG production from the company’s vast hydrocarbon resource base located on the Yamal and Gydan peninsulas in the Arctic zone of more than 55 million tons per annum by 2030.

To read the news in Russian.

Source : Neftegaz.RU

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