1 Nov 2017 11:18

Novatek to cooperate with CNPC, CDB on Arctic LNG 2

BEIJING. Nov 1 (Interfax) - Novatek , a major Russian gas producer, signed documents on cooperation with China Development Bank (CDB) and China National Petroleum Corporation (CNPC) during Prime Minister Dmitry Medvedev's official visit to China.

Novatek signed a memorandum of understanding on broad cooperation with the CDB that "strengthens the parties' intentions to cooperate in the implementation of the Arctic LNG 2 project, as well as other Novatek projects, including issues of financing and attracting equity investment," the Russian company said in a press release.

Novatek also signed a cooperation agreement with CNPC that "strengthens the parties' intentions to work together within the context of the Arctic LNG 2 project, as well as various segments of the LNG and natural gas markets, including the sale of LNG and development of gas infrastructure," the company said.

"Our companies already have a history of fruitful cooperation, including on the successful implementation of the Yamal LNG project. We hope that the signed agreement will open up new opportunities for both companies taking into account accumulated experience in implementing LNG projects and the extensive possibilities of the China market, one of the most promising gas markets in the world," Novatek CEO Leonid Mikhelson was quoted as saying.