Russia’s largest independent natural gas producer has signed an LNG cooperation memorandum of understanding with India’s H-Energy Global.
The MOU envisages cooperation in LNG supplies to India on a long-term basis, joint investment in future LNG terminals of H-Energy and LNG projects of Novatek, as well as establishing a joint venture to market LNG and natural gas from Novatek’s portfolio to end-customers in India, Bangladesh and other markets, the company’s statement reads.
“India is one of the largest and fastest-growing LNG markets, and will be one of the main sources of future growth in global demand for natural gas,” Novatek’s head, Leonid Mikhelson, said.
“The Memorandum of Understanding is an important step towards entering the end-customer market in India, which is of great interest to Novatek taking into account our strategic plans to implement new LNG projects and significantly increase our LNG production volumes,” he added.
Novatek operates the Yamal LNG project that has three liquefaction trains in operation at Yamal LNG with cumulative nameplate production capacity of 16.5 million tons per annum.
Novatek is also building the fourth liquefaction train of 900,000 tons per annum utilizing the hydrocarbon resources of the South-Tambeyskoye field in the Russian Arctic.
The company is also developing its second liquefied natural gas export project, named the Arctic LNG 2, that envisages constructing three LNG trains at 6.6 million tons per annum each, using gravity-based structure (GBS) platforms. The project is based on the hydrocarbon resources of the Utrenneye field.