NOVATEK Signs Small-Scale LNG Cooperation Agreements with Russia’s Regions
Saint Petersburg, 17 June 2022. As part of St. Petersburg International Economic Forum, PAO NOVATEK (“NOVATEK” or the “Company”) signed small-scale LNG cooperation agreements with the Governments of the Moscow and Samara Regions.
The parties are looking to expand the use of LNG as motor fuel and for gas supply to off-grid customers, including the construction of small-scale LNG plants and relevant sales infrastructure.
“The use of LNG in transportation and for gas supply will improve the economic efficiency, reduce environmental footprint and enhance security of power supply, as well as make a positive contribution to social and economic situation in the regions where we operate”, noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “Development of the domestic LNG market is a prospective business line for the Company, that will help effectively monetize our abundant natural gas reserves as well as pioneer Russian technologies and equipment.”
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.