On September 4, during the Eastern Economic Forum in Vladivostok, Novatek and H-Energy Global Ltd of India, signed a Memorandum of Understanding.
According to Novatek, 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.
“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,” noted Leonid Mikhelson, Chairman of the Novatek Management Board.
“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.