Archive
NOVATEK Signed Memorandum of Understanding with Fluxys
Saint-Petersburg, 1 June 2017. As part of today’s 21st Saint Petersburg International Economic Forum, PAO NOVATEK (“NOVATEK”) signed a Memorandum of Understanding (“Memorandum”) with Fluxys SA (“Fluxys”).
According to the Memorandum, the parties intend to pursue strategic cooperation in developing small-scale LNG projects in Europe, in developing LNG marketing in Europe and Latin America, optimizing LNG logistics, as well as other potential projects involving LNG.
The Chairman of NOVATEK’s Management Board Leonid Mikhelson noted: "A mutually beneficial cooperation with such an established partner as large infrastructural company Fluxys will help us to develop new LNG markets and to promote NOVATEK to these markets. This cooperation will increase the efficiency of our LNG projects, utilizing our resource base on the Yamal and Gydan peninsulas”.
Fluxys Managing Director and CEO Pascal De Buck noted: “Small-scale LNG in our view ticks all the boxes to curb the carbon and health impact of heavy duty road transport, shipping and remote industry. We are pleased to broaden our mutually beneficial cooperation with NOVATEK to make small-scale LNG realize its potential today and in the future”.
PAO NOVATEK is one of the largest independent natural gas producers 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 Area, 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.