Firstly, the MoU signed with H-Energy represents a cooperation in LNG supplies to India on a long-term basis, as well as establishing a joint venture to market LNG and natural gas from Novatek's portfolio to end-customers in India, Bangladesh and additional markets.
Darshan Hiranandani, CEO of H-Energy commented
H-Energy is excited to partner with Novatek in Arctic LNG 2, to participate in and bring supplies to the downstream customers in India and Bangladesh through its terminals in Jaigarh, Kakinada, Haldia and its two pipelines Jaigarh to Mangalore and Kannai Chatta to Shrirampur.
Secondly, the MoU signed with Petronet LNG, will enable Novatek supply India with motor fuel, including joint investment in developing a network of filling stations and a fleet of LNG-fueled trucks.
Leonid Mikhelson, Novatek’s Chairman of the Management Board further noted
India is one of the largest and fastest growing LNG markets, and will be one of the main sources of future growth in global demand for natural gas.
Both agreements were signed under the auspices of the Eastern Economic Forum in Vladivostok, Russia, and coincided with the visit of Indian Prime Minister Narendra Modi to Russia for summit talks with Russian President Vladimir Putin.