Vladivostok, September 5 - Neftegaz.RU.
During the Eastern Economic Forum in Vladivostok, Novatek, Indian H-Energy Global and Petronet LNG signed
a Memorandum of Understanding (MoU) on future natural gas cooperation.
The MOU envisages cooperation in LNG supplies
to India on a long-term basis, joint investment in future LNG terminals of H-Energy and LNG projects of Novatek, as well as establishing a joint venture to market LNG and natural gas from Novatek’s portfolio to end-customers in India, Bangladesh and other markets.
“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,” noted Novatek’s CEO Leonid Mikhelson. “The MOU is an important step towards entering the end customer market in India, which is of great interest to Novatek taking into account our strategic plans to implement new LNG projects and significantly increase our LNG production volumes.”
The MoU with Petronet LNG envisages delivering LNG supplies from Novatek's portfolio to the Indian market, including natural gas supplies for power generation, as well as investment by Petronet LNG in Novatek's future LNG projects and the joint marketing of LNG as motor fuel in India, including joint investment in developing a network of filling stations and a fleet of LNG-fueled trucks.
“Our low-cost production from future Arctic LNG
projects ensures competitively priced LNG supplies to most regions of the world, and we are confident that our mutually beneficially cooperation with Petronet LNG will promote the supply of affordable clean burning natural gas to the Indian market”, said Leonid Mikhelson.