2016 Dec 17

Russia's Novatek inks LNG deals with 3 Japanese firms

Russia's largest independent gas producer company, Novatek signed memorandums of understanding with three Japanese firms, Marubeni Corporation, Mitsubishi Corporation and Mitsui in Tokyo on Friday, according to the Russian company.

The agreements were signed in the presence of Russian President Vladimir Putin and the Prime Minister of Japan Shinzo Abe.

The agreements aim at strategic cooperation in the upstream and midstream Novatek Arctic LNG 2 project in Russia as well as the supply and transportation of LNG, gas-related infrastructure projects and transactions in other liquid hydrocarbons.

"Our joint implementation of projects, aimed at monetizing the prolific hydrocarbon resources of the Russian Arctic, will ensure their economic efficiency and competitive advantages on the global LNG market. We are sure that cooperation with Marubeni Corporation along the whole value chain from production to marketing of LNG will be mutually beneficial for both our companies," chairman of Novatek, Leonid Mikhelson was quoted as saying.

Novatek, Russia's second-largest natural gas producer, also wants to collaborate on implementing LNG projects in Russia and supplying LNG and liquid hydrocarbons with Mitsubishi, according to the agreement.

"We made an important step in developing our strategic partnership with Japanese companies. Novatek's prolific hydrocarbon resource base, the successful implementation of the Yamal LNG project and our experience in navigating the Northern Sea route create a great platform for developing mutually beneficial cooperation in LNG projects," Mikhelson noted.

"Japan is presently the largest consumer of LNG and has significant experience in LNG technologies, marketing and logistics. By joining our efforts with Mitsubishi Corporation, we will implement our long-term projects and strengthen the economic links between Russia and Japan," he added.

Source:; Huseyin Erdogan

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