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NOVATEK and Atomenergomash Sign Memorandum on Localizing Fabrication of LNG Equipment
Mark Gyetvay, Deputy Chairman of the Management Board
Alexander Nazarov, Head of IR
+7 (495) 730-6013
Maria Dokuchaeva, Press-secretary
+7 (495) 721-2207
10 July 2019
Podolsk, 10 July 2019. PAO NOVATEK (“NOVATEK” and/or the “Company”) and JSC Atomenergomash (“Atomenergomash”), a Mechanical Engineering Division of the Rosatom State Corporation, signed a Memorandum on Strategic Partnership and Localizing the Fabrication of Critical Equipment for LNG Production (“Memorandum”).
The Memorandum notes the results already achieved on the fabrication of coil-wound heat exchangers and medium-tonnage cryogenic pumps, and establishes the obligations of the Parties on design, manufacturing and conducting pilot tests of high-tonnage cryogenic pumps. According to the Memorandum, the Parties intend to pursue long-term cooperation to localize the fabrication of pumps, heat exchangers and other equipment for NOVATEK’s LNG projects at the facilities of Atomenergomash.
“This memorandum is important for the development of the Russian gas industry and the implementation of our new LNG projects using domestic technologies and equipment,” noted Alexander Fridman, NOVATEK’s First Deputy Chairman of the Management Board. “Atomenergomash has already fabricated and shipped heat exchangers and cryogenic pumps for Yamal LNG’s Train #4 utilizing NOVATEK’s patented “Arctic Cascade” gas liquefaction technology. This equipment is unique for the Russian manufacturing industry. We are interested in creating a domestic industry producing high-tonnage equipment for LNG production, thereby reducing capital costs and increasing our global competitiveness. This entails maximizing the involvement of the Russian scientific and industrial capabilities.”
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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