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NOVATEK Signs Cooperation Agreement with the Government of Chukotka Autonomous Area

Source: www.gulfoilandgas.com 9/4/2019, Location: Asia

During the Eastern Economic Forum in Vladivostok,PAO NOVATEK (NOVATEK) and the Government of the Chukotka Autonomous Area signed a Cooperation Agreement (the "Agreement").

According to the Agreement, the Company will consider projects introducing LNG as a fuel for distributed power generation, as well as motor fuel for maritime, automotive transport and mining equipment in Chukotka.

"The Russian Federation fully supports the development of the Northern Sea Route as a yearly navigational route connecting the Asian Pacific and European markets.

When our LNG transshipment complex in the Kamchatka Territory and the Arctic LNG 2 project become fully operational, the ice-class LNG tankers will navigate along the Arctic coast of the Chukotka Autonomous Region year-round and almost daily," said Leonid Mikhelson, NOVATEK's Chairman of the Management Board.

"Using the potential of NOVATEK’s future LNG projects to supply clean-burning natural gas to remote northern regions will replace traditional energy sources (coal and diesel fuel) with much cleaner natural gas, which contributes meaningfully to protect the ecosystem of the Arctic region".

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