Yamal LNG operator, Novatek, signed a memorandum of understanding with Marubeni Corporation to pursue opportunities of cooperation on the Arctic LNG 2 project.
In addition to the strategic cooperation on Novatek’s new upstream and midstream project, the two companies intend to join forces on the supply of LNG, shipping arrangements, gas related infrastructure projects and transaction of other liquid hydrocarbons.
Novatek’s CEO Leonid Mikhelson noted that Japanese companies are showing strong interest in participating in the company’s projects.
“Our joint implementation of projects aimed at monetizing the prolific hydrocarbon resources of the Russian Arctic will ensure their economic efficiency and competitive advantages on the global LNG market,” he noted that the cooperation with the Japanese trading and investment conglomerate along the whole value chain from production to marketing of LNG will be mutually beneficial for both companies.
At the end of November it was reported that Mikhelson sought to arrange cooperation with Japanese companies on its proposed Arctic LNG 2 project that would have a production capacity of 12 million to 16 million tons per year, with operations are predicted to start in 2025.
LNG World News Staff