Press Releases and Events
NOVATEK Signed Memorandum of Understanding with PTT
St. Petersburg, 18 May 2016. OAO NOVATEK (NOVATEK and/or the Company) announced today that a Memorandum of Understanding (MOU) was signed between NOVATEK and PTT of Thailand at a meeting between the Russian Prime Minister Dmitry Medvedev and the Prime Minister of Thailand Prayut Chan-o-cha.
According to the MOU, the parties intend to cooperate and study potential joint opportunities in the exploration and production of hydrocarbons, the implementation of LNG projects, the supply of LNG and the development of LNG markets, and the supply of liquid hydrocarbons.
The Chairman of NOVATEK’s Management Board Leonid Mikhelson noted: "There are strong fundamentals for this joint cooperation. NOVATEK has high quality resources for the implementation of new LNG projects, while PTT is expanding LNG supplies to Thailand and is interested in the sustainability of such supplies to their domestic markets. I’m certain we will be able to establish an optimal framework for efficient joint business development of our companies”.
PTT, majority owned by the Government of Thailand, and under the supervision of the Ministry of Energy, is the largest integrated oil and gas company in exploration, production, transportation, processing, distribution and marketing of oil and gas in Thailand and also carries out various operations in other energy and petrochemical areas.
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.