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Gazprom, NOVATEK Sign Agreement for LNG Production

Source: 6/18/2010, Location: Asia

Gazprom CEO Alexey Miller and NOVATEK CEO Leonid Mikhelson met during the 14th St. Petersburg International Economic Forum. During the meeting the two CEO’s discussed their companies’ cooperation in the implementation and construction of a pilot liquefied natural gas (LNG) plant based on the resources of the South Tambeyskoye field.

The companies reiterated their mutual interest in supporting the competitiveness of Russian natural gas in global markets as well as diversifying its delivery destinations. As a result of the meeting, the parties have signed a Cooperation Agreement setting out the key parameters for cooperation between Gazprom and NOVATEK in implementing the pilot LNG project including the development and subsequent utilization of related infrastructure facilities on the Yamal peninsula.

The two companies will facilitate the involvement of Russian equipment manufacturers in the project, including shipbuilders for the construction of an ice class tanker fleet, and the project will also provide employment opportunities for the domestic oil and gas sector.

The agreement provides for cooperation in minimizing the project’s environmental and social impact on the areas of the Far North including the preservation of the ecosystem and unique culture of the indigenous peoples.

“In the coming decades the vast resources of the Yamal peninsula will become an essential part of the development of Russia’s natural gas industry. A comprehensive approach including integrated development of the Yamal fields, infrastructure sharing and solid partner relationships will allow us to implement these projects with maximum efficiency”, – noted Alexey Miller.

In addition to the Cooperation Agreement, an Agency Agreement has been signed between ??? GazpromExport and ??? Yamal LNG, which contemplates the export of LNG from the South Tambeyskoye field.

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