NOVATEK and Rosseti Sign Agreement to Supply Power to the Murmansk LNG Project
Vladivostok, 12 September 2023. As part of today’s Eastern Economic Forum, in the presence of the Minister of Energy of the Russian Federation Nikolai Shulginov, PAO NOVATEK (“NOVATEK” and/or the “Company”) and PAO Rosseti signed a Strategic Partnership Agreement to supply power to the Murmansk LNG project.
The Agreement will enable timely start of power supply to the Company’s prospective large-scale Murmansk LNG project, whose distinctive feature is the use of electric drives for process compressors instead of gas turbines.
“NOVATEK’s strategy envisages significant ramp up of LNG production, and we have already started implementing our next large-scale project in the Murmansk Region”, noted Leonid Mikhelson, Chairman of NOVATEK’s Management Board. “For the Murmansk LNG project, we have chosen to use electricity rather than gas to drive the liquefaction process. The solution will help to speed up the project’s implementation while utilizing technology from Russian suppliers, and will also ensure a strong environmental performance of the project by reducing carbon emissions.
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.