Novatek signs framework terms with China's Zhejiang Energy on supplying up to 1 mln tonnes of LNG/year from Arctic LNG 2

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Novatek signs framework terms with China's Zhejiang Energy on supplying up to 1 mln tonnes of LNG/year from Arctic LNG 2

MOSCOW. June 2 (Interfax) - Novatek Gas & Power Asia Pte. Ltd., part of Novatek , and China's Zhejiang Energy Gas Group Co., Ltd., a subsidiary of Zhejiang Provincial Energy Group, have signed the framework terms of an agreement on long-term LNG supplies from the Arctic LNG 2 project, the Russian company said.

The agreement is based on a memorandum of understanding signed by the parties in October 2019, and it sets out key commercial terms for supplying up to 1 million tonnes of LNG per year from the Arctic LNG 2 project for 15 years.

Novatek will supply LNG on DES terms to Zhejiang Energy's LNG terminals in China, including to the buyer's new power generation facilities.