NOVATEK Creates a Joint Venture in China with Sinopec and Gazprombank
Today, during the official visit of the President of the People’s Republic of China Xi Jinping to the Russian Federation, PAO NOVATEK (“NOVATEK” and/or the “Company”), Sinopec and Gazprombank signed Heads of Agreement (“Agreement”) on establishing a joint venture to market LNG and natural gas to end-customers in the People’s Republic of China.
“Chinese companies are investing in the development of NOVATEK’s LNG projects in the Arctic region of the Russian Federation. Creating a joint venture to trade LNG and natural gas in the domestic market of China not only facilitates sales of LNG produced, but also opens up opportunities for investments in the development of the end-customer segment in one of the largest and the fastest-growing gas and LNG market in the world,” noted NOVATEK’s Chairman of Management Board Leonid Mikhelson. “This represents another step in implementing our long-term strategy across the entire value chain from the extraction and liquefaction of natural gas to the sale of LNG to the customers”.
