Novatek, Saudi Aramco ink LNG memorandum

Image courtesy of Novatek

Russian LNG export player Novatek signed a memorandum of understanding (MOU) with Saudi Aramco, the Saudi Arabian national oil company, for cooperation on international projects including LNG.

According to the MoU, the two companies agreed to collaborate internationally on natural gas projects, including LNG supplies, development of LNG markets, gas exploration and production projects, as well as research and technology development.

Novatek’s chairman Leonid Mikhelson said Novatek has gained unique and valuable experience of developing LNG-projects in the Russian Arctic area, adding the company’s plan to rapidly grow its LNG production is “attracting international partners” such as Saudi Aramco to jointly collaborate in gas markets.

Media previously reported the two companies were mulling cooperation on Novatek’s second liquefied natural gas export project the Arctic LNG 2 on the Gydan peninsula. Russian news agency, TASS, reported, citing Russia’s energy minister Alexander Novak, that the memorandum of understanding is the first step while specific details for the Arctic LNG 2 project are being worked on.

Novatek’s second project was planned to have a similar output as the Yamal LNG that began exporting in December last year, however, the planned capacity has been bumped to 19.8 million tons per year earlier this month.

 

LNG World News Staff

Share this article

Follow LNG World News

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

LNGgc London

LNGgc is a fantastic way of raising attendees’ company profile within this market and creating greater awareness of their brand…

read more >

LNG Pricing, Trading & Hedging Singapore

LNG Pricing, Trading & Hedging training program has been completed by hundreds of leading traders, analysts, risk managers…

read more >

LNG Pricing, Trading & Hedging Houston

LNG Pricing, Trading & Hedging training program has been completed by hundreds of leading traders, analysts, risk managers…

read more >

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >