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NOVATEK signed 2 contracts on long term LNG supply with Chinese ENN Natural Gas and Zhejiang Energy

The company’s upstream activities are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world’s LNG producing area and accounts for approximately 80% of Russia’s gas production and approximately 15% of the world’s gas production

NOVATEK signed 2 contracts on long term LNG supply with Chinese ENN Natural Gas and Zhejiang Energy

Source: NOVATEK

Moscow, January 11 - Neftegaz.RU. The largest independent natural gas producer in Russia NOVATEK announced today that its wholly owned subsidiary NOVATEK Gas & Power Asia Pte and ENN LNG (Singapore) Pte, a subsidiary of ENN Natural Gas signed a long-term LNG sale and purchase agreement for the LNG produced from the Arctic LNG 2 project.

The SPA stipulates the supply of approximately 0.6 million tons of LNG per annum from the Arctic LNG 2 project for a term of 11 years.
The LNG will be delivered on a DES basis to ENN’s Zhoushan LNG Receiving Terminal in China.

Leonid Mikhelson, NOVATEK’s Chairman of the Management Board, noted:
  • We have reached another milestone in successful marketing of NOVATEK’s share of LNG to be produced by our Arctic LNG 2 project,
  • This is another LNG SPA for delivery to the Chinese market, which is in line with our LNG strategy to expand sales to the Asia-Pacific region with its growing demand for clean-burning natural gas
NOVATEK Gas & Power Asia Pte aslo signed today a long-term LNG sale and purchase agreement with Zhejiang Energy Gas Group.
The SPA follows on from the Heads of Agreement signed by parties on 2 June 2021 during the St.Petersburg International Economic Forum, and stipulates the supply of up to 1 million tons of LNG per annum from the Arctic LNG 2 project for a term of 15 years.
The LNG will be delivered on a DES basis to Zhejiang Energy’s LNG terminals in China.

The Arctic LNG 2, is located in Gydan, Northern Russia and is one of the world’s largest LNG projects under construction with a total capacity of 3 x 6.6 million tpy.
Each of the 3 trains will deliver 6.6 million tpy of LNG, a key energy transition fuel as gas is 40% less CO2 intensive than coal.
The project is expected to start production of LNG in 2023.

To read the news in Russian

Source : Neftegaz.RU


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