Novatek announced its cooperation with Japanese firms in the LNG sector after signing several agreements during the meeting between Vladimir Putin, President of Russia and Shinzo Abe, Prime Minister of Japan, held in Tokyo, on December 16. The company intends to pursue strategic cooperation in the upstream and liquefaction sectors in Russia, LNG and liquid hydrocarbons supply, equipment and technology supply as well as joint development of LNG markets.
Therefore, Novatek has inked several MoUs with Mitsui, Mitsubishi Corporation and Marubeni Corporation Tokyo. In addition, OAO Yamal LNG, an LNG project with Novatek as its largest shareholder, signed a credit line facility with the Japan Bank for International Cooperation (JBIC) for the amount of EUR 200 million (around USD 209 million).
“I am confident the cumulative potential of our companies will allow us to increase the efficiency of our projects by utilizing the prolific hydrocarbon resource base of NOVATEK in the Arctic,” Leonid Mikhelson, The Chairman of Novatek’s Management Board, said.
Under the agreement signed with Mitsubishi Corporation, the companies will cooperate in implementing LNG projects in Russia and in supplying LNG and liquid hydrocarbons.
“Japan is presently the largest consumer of LNG and has significant experience in LNG technologies, marketing and logistics. By joining our efforts with Mitsubishi Corporation, we will implement our long-term projects and strengthen the economic links between Russia and Japan,” Mr Mikhelson commented.
Under the agreement signed with Marubeni Corporation, the two parties aim at cooperating in the upstream and midstream Novatek Arctic LNG 2 project in Russia as well as in supplying of LNG, shipping arrangements, gas related infrastructure projects and transactions of other liquid hydrocarbons.
