NOVATEK and Gazprom Neft Sign Agreement of Joint Arctic Development
As part of today’s Saint-Petersburg International Economic Forum, PAO NOVATEK (“NOVATEK” and/or the “Company”) and PAO Gazprom Neft (“Gazprom Neft”) signed an Agreement of Intent on Arctic Projects (“Memorandum”). The document provides for establishing a joint venture to explore and develop Arctic hydrocarbon fields.
“Gazprom Neft has been our reliable partner for many years. Together, we successfully launched our joint venture Arcticgas, which offered unique challenges in developing deeper producing horizons,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “Our experience of working together creates a solid base for expanding our mutually beneficial cooperation in the Arctic zone”.
