Novatek has signed two agreements with Chinese partners on their participation in the Arctic LNG 2 project at the Second Belt and Road Forum for International Cooperation.
A binding agreement on the acquisition of a 10% participation interest in Arctic LNG 2 was signed with China National Oil and Gas Exploration and Development Company Ltd (CNODC), a wholly owned subsidiary of China National Petroleum Corporation (CNPC).
“The agreement is an important milestone in our Arctic LNG 2 project implementation as well as a continuation of our successful cooperation with CNPC,” noted Leonid Mikhelson, Chairman of the Novatek Management Board. “We successfully launched the Yamal LNG project on budget and ahead of initial schedule as partners, which is a unique achievement in the global gas industry. The accumulated experience of working together is a solid basis for the successful implementation of our new LNG project”.
Another binding agreement on the acquisition of a 10% participation interest in the Arctic LNG 2 project was signed with CNOOC Ltd.
“We are very glad that CNOOC has joined our Arctic LNG 2 project as our new partner, since China represents one of the key consuming markets for our LNG sales. Arctic LNG 2 will be a game-changer in the global gas market, and our proven track record to successfully build an LNG facility in the Arctic zone, combined with a proven logistical model with access to prospective markets and large hydrocarbon resource base will ensure the successful implementation of this world class project”, L.Mikhelson said.