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NOVATEK and TMK Sign Memorandum on Strategic Partnership and Cooperation
06 June 2019
Saint-Petersburg, 6 June 2019. As part of today’s Saint-Petersburg International Economic Forum, PAO NOVATEK (“NOVATEK” and/or the “Company”) and PAO TMK (“TMK”) signed a Memorandum on Strategic Partnership and Cooperation (“Memorandum”).
The Memorandum establishes the basic principles and approaches to supply TMK’s casing and tubing production to NOVATEK. The document is valid until the end of 2023 to ensure production efficiency, timeliness and reliability of supplies.
“TMK is a reliable tubular products supplier for our projects,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “The Memorandum raises our mutually beneficial cooperation to a new level and establishes a transparent mechanism for pricing and production capacity reservation. This approach is especially important given our plans to implement large-scale projects in the Arctic region and maximize the participation of Russian producers”.
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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