Italian oil and gas contractor Saipem signed an LNG partnership and cooperation agreement with Novatek, the developer of the Yamal liquefied natural gas project in Russia.
Under the agreement, the two companies “will explore opportunities for mutual cooperation regarding the execution of Novatek’s future LNG projects.”
Saipem and Novatek will jointly use their potential with the aim of improving their efficiency and competitive positions in the market, Saipem said on Friday.
Commenting on the agreement, chairman of the management board of Novatek, Leonid V. Mikhelson said, “the agreement envisions developing cooperation with Saipem in localizing manufacturing capabilities for LNG projects in Russia.”
In its statement, Novatek added that it is considering opportunities to implement investment projects and improve its technological and intellectual capacities.