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NOVATEK signed a heads of agreement with Zhejiang Energy and Glencore

Novatek will supply the gas to a number of locations in East Asia

NOVATEK signed a heads of agreement with Zhejiang Energy and Glencore

St.Petersburg, June 2 - Neftegaz.RU. Russian LNG exporter NOVATEK announced today that the company signed a Heads of Agreement for the long-term supply of LNG from the Arctic LNG 2 project whith Chinese Zhejiang Energy.

The Agreement builds on the MOU signed by the parties in October 2019 and establishes the key commercial terms for the annual supply of up to 1 million tons of LNG 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, including feedstock for the buyer's new gas-fired power generation facilities.
Leonid Mikhelson, NOVATEK’s CEO, said:
  • The agreement is consistent with our commercial LNG strategy to diversify our client base and target end consumers in the rapidly developing Asian Pacific market
  • The fast-growing Chinese market is a key region in our LNG marketing strategy, and we plan to further increase our supplies of cleaner-burning LNG to assist China in reaching its net zero targets by 2060
NOVATEK also reported reaching a heads of agreement to deliver more than 0.5mn metric tons/year of LNG to commodities trader Glencore from its Arctic LNG-2 project.

The Agreement established the key commercial terms for the long-term supply in excess of 0.5 million tons of LNG per annum from the Arctic LNG 2 project.
The LNG will be delivered to a number of locations in East Asia.
Leonid Mikhelson noted:
  • The market for LNG in the Asia Pacific region has fully recovered from the impact of the coronavirus pandemic and has now resumed a stable growth phase
  • This Agreement is consistent with NOVATEK’s commercial strategy to build a sustainable LNG sales portfolio including both end customers and portfolio players in the Asia Pacific market, with LNG delivered all-year-round along the Northern Sea Route
To read the news in Russian

Source : Neftegaz.RU


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