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NOVATEK Signs Cooperation Agreement with the Government of Chukotka Autonomous Area
04 September 2019
Vladivostok, 4 September 2019. Today, during the Eastern Economic Forum in Vladivostok,PAO NOVATEK (“NOVATEK” and/or the “Company”) and the Government of the Chukotka Autonomous Area signed a Cooperation Agreement (the "Agreement").
According to the Agreement, the Company will consider projects introducing LNG as a fuel for distributed power generation, as well as motor fuel for maritime, automotive transport and mining equipment in Chukotka.
"The Russian Federation fully supports the development of the Northern Sea Route as a yearly navigational route connecting the Asian Pacific and European markets. When our LNG transshipment complex in the Kamchatka Territory and the Arctic LNG 2 project become fully operational, the ice-class LNG tankers will navigate along the Arctic coast of the Chukotka Autonomous Region year-round and almost daily," said Leonid Mikhelson, NOVATEK's Chairman of the Management Board. "Using the potential of NOVATEK’s future LNG projects to supply clean-burning natural gas to remote northern regions will replace traditional energy sources (coal and diesel fuel) with much cleaner natural gas, which contributes meaningfully to protect the ecosystem of the Arctic region".
PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. Upstream activities of the Company’s subsidiaries and joint ventures are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 15% of the world’s gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation. The Company’s shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol «NVTK».
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