31 Oct 2017 10:45

Novatek to sign strategic cooperation agreement with CNPC, memorandum with Chinese state bank

MOSCOW. Oct 31 (Interfax) - Novatek , a major Russian gas producer, plans to sign a memorandum of understanding with a Chinese state bank, including on its Arctic LNG 2 project, Deputy Prime Minister Sergei Prikhodko told reporters.

Novatek also plans to sign a strategic cooperation agreement with China National Petroleum Corporation (CNPC). There are also plans for Russian state bank VEB to sign a framework credit agreement with the Export-Import Bank of China.

The signing is scheduled to take place following the 22nd regular meeting between the prime ministers of Russia and China, Prikhodko said.

"The engine of deepening economic ties between Russia and China is multifaceted cooperation in the energy sector. Russia holds leading positions by volume of crude oil shipments to China," he said.

"Despite difficulties on world energy markets, our cooperation with China is developing on a steady trajectory that depends little on fluctuations on the world market," Prikhodko said.

"On the contrary, the stronger our cooperation in energy, the more this has a stabilizing influence on the world market," he added.