Russian gas producer Novatek has signed Memorandums of Understanding (MoUs) with Indian natural gas companies H-Energy Global and Petronet LNG for the sale of Russian LNG in India.
The MoU with H-Energy outlines a cooperation on long-term deliveries of LNG to India in addition to joint investment in future LNG terminals of H-Energy and LNG projects of Novatek.
The two sides will also evaluate the establishment of a joint venture to market LNG and natural gas from Novatek’s portfolio to end-customers in India, Bangladesh and other markets.
The second MoU, signed with Petronet LNG, will allow Novatek to offer LNG as motor fuel in India.
“India is one of the largest and fastest growing LNG markets, and will be one of the main sources of future growth in global demand for natural gas,” Leonid Mikhelson, Novatek’s Chairman of the Management Board, noted.
“H-Energy is excited to partner with Novatek in Arctic LNG 2, to participate in and bring supplies to the downstream customers in India and Bangladesh through its terminals in Jaigarh, Kakinada, Haldia and its two pipelines Jaigarh to Mangalore and Kannai Chatta to Shrirampur,” Darshan Hiranandani, CEO of H-Energy, said.
Both agreements were signed under the auspices of the Eastern Economic Forum in Vladivostok, Russia, and coincided with the visit of Indian Prime Minister Narendra Modi to Russia for summit talks with Russian President Vladimir Putin.
During our visit, President Putin showed me cutting edge technologies at the shipyard. My visit opens up new pathways of cooperation in this important field.
— Narendra Modi (@narendramodi) September 4, 2019