NOVATEK and Nuovo Pignone entered into a Strategic Cooperation Agreement at the 20th St. Petersburg International Economic Forum.
The agreement covers the development of the Russian oil and gas industry including localizing state-of-the-art technological solutions in manufacturing and maintaining of energy equipment for NOVATEK’s LNG projects.
During the event, the companies also signed a 25-year Contractual Services Agreement for the Yamal LNG Plant.
Nuovo Pignone will be ensuring safe operation of the equipment in harsh weather conditions of the North employing advanced engineering technologies and digital solutions for data monitoring and processing.
In addition, the Agreement envisages training of Russian specialists to be involved in the equipment maintenance.
The agreements extend the track record of long-term partnership between the companies.
In 2013, Nuovo Pignone concluded a contract to supply turbomachinery equipment produced and tested in Italy for the three trains of Yamal LNG project.
Chairman of the Management Board of NOVATEK, L. Mikhelson stated: For the most efficient development of the huge resource potential of the Far North, it is critically important to work with world-class companies to bring the technologies and manufacturing of high-tech equipment localized in Russia.
The partnership with Nuovo Pignone is a significant element in implementation of this strategy.
NOVATEK is Russia’s largest independent gas producer and the second-largest natural gas producer in Russia.
Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons.
The Company’s upstream activities are concentrated in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s gas production and approximately 16% of the world’s gas production.
NOVATEK is an open joint stock company established under the laws of the Russian Federation.
The Company’s shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol «NVTK».