Russia’s natural gas producer Novatek announced that it has signed a Memorandum of Understanding with Saudi Aramco, the Saudi Arabian National Oil Company, regarding an LNG cooperation between the two parties.
According to the MOU, the two companies will collaborate internationally on natural gas projects, including LNG supplies, development of LNG markets, gas exploration and production projects, as well as research and technology development.
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NOVATEK’s Chairman of Management Board Leonid Mikhelson stated:
“We see a wide array of exciting and mutually beneficial energy opportunities to cooperate with Saudi Arabia.”
According to the Russian news agency, TASS, Russia’s energy minister Alexander Novak, said that this MoU will be followed by more details regarding the Arctic LNG 2 project.
Novatek’s second project was originally going to have a similar output as the Yamal LNG. However, the capacity has been increased to 19.8 million tons per year.