Press Releases and Events
NOVATEK signed MOU with China Development Bank
Moscow, 1 November 2017. PAO NOVATEK (“NOVATEK” and/or the “Company”) signed today a Memorandum of Understanding (MOU) with the China Development Bank.
The MOU confirms the parties’ intentions to cooperate in implementing the “Arctic LNG 2” project, as well as other NOVATEK’s projects, including financing and investment into the capital of these projects.
The Chairman of NOVATEK’s Management Board Leonid Mikhelson noted: "Our strategy envisages a rapid growth of LNG production using international financing sources. We already have a positive experience of cooperating with the China Development Bank on the Yamal LNG project, and we are glad to continue this mutually beneficial cooperation on our new LNG projects.”
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.