The Ministry of the Russian Federation for the Development of the Far East, Russian natural gas major Novatek, and the Government of the Kamchatka Territory signed an agreement of intent on implementing a project for the construction of a marine LNG transshipment complex in the territory of Kamchatka. The agreement was inked on the sidelines of the Eastern Economic Forum.
The Agreement provides for Novatek’s investment in the amount of approximately RR 70 billion. The Ministry of the Russian Federation for the Development of the Far East with the Government of the Kamchatka Territory supports the project and intends to render assistance in its implementation.
The construction of the Kamchatka transshipment complex is expected to increase efficiency of LNG deliveries from the Arctic by optimizing transport logistics, which could create a Russian LNG hub for shipments to consumers in the Asia-Pacific region, according to Leonid Mikhelson, NOVATEK’s Chairman of the Management Board.
This investment will contribute to the development of the Northern Sea Route allowing for the optimal use of the existing Arctic tanker fleet. The project will give an additional impetus to the economy of the Far East, create additional jobs and facilitate gasification of Kamchatka by using the boil-off gas from the LNG transshipment complex,
…he added.
