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Published: 2018-09-14

NOVATEK-JOGMEC LNG co-op

Shipping NOVATEK-JOGMEC LNG co-op

Photo: NOVATEK

The Russian natural gas producer and the Japan Oil, Gas and Metals National Corporation (JOGMEC) have signed a memorandum of understanding.

According to the agreement, the parties will jointly work on exploring the opportunities created by NOVATEK's liquefied natural gas (LNG) fields, including the $25.5b Arctic LNG 2 project (three liquefaction trains of 6.6mt/year capacity each), as well as on developing regular transports to the Japanese and Asia-Pacific markets via the Northern Sea Route.

"We welcome the expression of interest from international partners to our LNG projects in the Yamal and Gydan peninsulas. Our prolific hydrocarbon resource base combined with our experience in implementing large-scale LNG projects and navigating the Northern Sea Route creates a solid platform for mutually beneficial cooperation," Leonid Mikhelson, Chairman of the Management Board, NOVATEK, commented on the memorandum.

He also said, "Japan is one of the most significant global LNG markets, and we expect further expansion of cooperation in this area which will facilitate the development of trade and economic relations between our countries."
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