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| Russia’s Novatek agrees long-term Arctic LNG supplies to China | Russia’s Novatek agrees long-term Arctic LNG supplies to China |
| (3 months later) | |
| Russian energy giant Novatek and China's Zhejiang Energy signed an agreement on long-term liquified natural gas (LNG) supplies from the Arctic LNG 2 project at the St. Petersburg International Economic Forum (SPIEF) on Wednesday. | Russian energy giant Novatek and China's Zhejiang Energy signed an agreement on long-term liquified natural gas (LNG) supplies from the Arctic LNG 2 project at the St. Petersburg International Economic Forum (SPIEF) on Wednesday. |
| “The fast-growing Chinese market is a key region in our LNG marketing strategy, and we plan to further increase our supplies of cleaner-burning LNG to assist China in reaching its net zero targets by 2060,” said Novatek’s CEO Leonid Mikhelson at SPIEF. | “The fast-growing Chinese market is a key region in our LNG marketing strategy, and we plan to further increase our supplies of cleaner-burning LNG to assist China in reaching its net zero targets by 2060,” said Novatek’s CEO Leonid Mikhelson at SPIEF. |
| "The agreement is consistent with our commercial LNG strategy to diversify our client base and target end consumers in the rapidly developing Asia-Pacific market,” he added. | "The agreement is consistent with our commercial LNG strategy to diversify our client base and target end consumers in the rapidly developing Asia-Pacific market,” he added. |
| Novatek’s Arctic LNG 2 project on the Gydan Peninsula envisages constructing three LNG liquefaction trains of 6.6 million tons per annum each, and a cumulative gas condensate production capacity of 1.6 million tons per annum. The total LNG capacity of the three trains will be 19.8 million tons. | Novatek’s Arctic LNG 2 project on the Gydan Peninsula envisages constructing three LNG liquefaction trains of 6.6 million tons per annum each, and a cumulative gas condensate production capacity of 1.6 million tons per annum. The total LNG capacity of the three trains will be 19.8 million tons. |
| The company said earlier it had inked 20-year agreements with the shareholders of the Arctic LNG 2 on the sale and purchase of the entire produced volume of liquified natural gas. | The company said earlier it had inked 20-year agreements with the shareholders of the Arctic LNG 2 on the sale and purchase of the entire produced volume of liquified natural gas. |
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