Novatek and Jogmec Sign LNG Deal

Sarah Carter
Sarah Carter

11 September 2018


Russia’s Novatek, the operator of Yamal LNG project, signed a memorandum of understanding with Japan’s Jogmec to cooperate on liquefied natural gas export projects.

"Taking the opportunity of the meeting between the President of Russian Federation Vladimir Putin and the Prime Minister of Japan Shinzo Abe, Chairman of the Management Board of PAO Novatek Leonid Mikhelson and Chairman and CEO of Japan Oil, Gas and Metals National Corporation (Jogmec) Tetsuhiro Hosono, signed a Memorandum of Understanding (MOU)," said a press release.

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According to the MOU, the parties agreed to explore opportunities to cooperate on Novatek’s projects in the Yamal and Gydan peninsulas, including the Arctic LNG 2 project, on developing a regular transport link via the Northern Sea Route for LNG deliveries to the Japanese and Asia-Pacific markets, as well as exploring LNG marketing opportunities in the Asia-Pacific region.

“We welcome the expression of interest from international partners to our LNG projects in the Yamal and Gydan peninsulas.” noted Leonid Mikhelson, Novatek’s Chairman of the Management Board.

Leonid added: “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. 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.”

PAO Novatek is one of the largest independent natural gas producers in Russia. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons.