Novatek, Russia’s largest private gas producer, said its joint venture with Gazprombank, Cryogas-Vysotsk has commenced full-scale production of liquefied natural gas (LNG).
“Cryogas-Vysotsk is our first medium-scale LNG project,” noted Novatek’s head Leonid Mikhelson on Wednesday .
“Our marketing strategy provides for loading of bunkering vessels, small wholesale LNG sales, and LNG sales as a motor fuel to the Baltics, Scandinavia and North-Western Europe markets,” he said.
Mikhelson further added the company sees potential to expand its commercial presence in this developing LNG market segment.
Cyrogas-Vysotsk is a medium-tonnage LNG project located in the port of Vysotsk, Leningrad Region of Russia on the Baltic Sea.
The project’s initial design capacity is 660,000 tons of LNG per annum, and its infrastructure includes a 42,000 cubic meters LNG storage tank and an offloading berth designed to handle LNG carriers with a capacity of up to 30,000 cubic meters.
Novatek acquired a 51 percent participation interest in Cryogas-Vysotsk project in July 2017.