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NOVATEK Creates JV With Sinopec & Gazprombank In China

Gasoil News - Published on Fri, 07 Jun 2019

Image Source: NOVATEK
During the official visit of the President of the People’s Republic of China Xi Jinping to the Russian Federation, PAO NOVATEK, Sinopec and Gazprombank signed Heads of Agreement on establishing a joint venture to market LNG and natural gas to end-customers in the People’s Republic of China.

Mr Leonid Mikhelson, NOVATEK’s Chairman of Management Board, said that “Chinese companies are investing in the development of NOVATEK’s LNG projects in the Arctic region of the Russian Federation. Creating a joint venture to trade LNG and natural gas in the domestic market of China not only facilitates sales of LNG produced, but also opens up opportunities for investments in the development of the end-customer segment in one of the largest and the fastest-growing gas and LNG market in the world. This represents another step in implementing our long-term strategy across the entire value chain from the extraction and liquefaction of natural gas to the sale of LNG to the customers.”

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Posted By : Sanju Moirangthem on Fri, 07 Jun 2019
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