Novatek signed agreements with Chinese National Petroleum Company (CNPC) and the China Development Bank to cooperate in implementing the Arctic LNG 2 project, the Russian company announced on Wednesday.
According to the statement, the strategic cooperation agreement confirms that Novatek, one of the largest independent natural gas producers in Russia, and the CNPC will cooperate in implementing the giant gas project, the Arctic LNG 2 project. The agreement also covers collaboration in different segments of LNG and natural gas markets, including LNG trading and gas infrastructure development.
"Our companies already have a history of effective cooperation, including the successful implementation of the Yamal LNG project [an LNG project in the Russian Arctic]," Chairman of Novatek's Management Board Leonid Mikhelson was quoted as saying.
He added that, "We believe our strategic cooperation agreement will further enhance our mutual relationship as well as open up new opportunities for both companies, utilizing our experience in implementing LNG projects combined with the enormous opportunities in the Chinese market, one of the most perspective gas markets globally."
The Russian company also signed a second agreement - a memorandum of understanding with the China Development Bank to also cooperate in implementing the Arctic LNG 2 project, including financing and investment into the capital of this project as well as in other projects.
"Our strategy envisages a rapid growth of LNG production using international financing sources," Mikhelson said.
(Anadolu Agency)
