NOVATEK Signed Memorandum of Understanding with PTT

OAO NOVATEK announced today that a Memorandum of Understanding (MOU) was signed between NOVATEK and PTT of Thailand at a meeting between the Russian Prime Minister Dmitry Medvedev and the Prime Minister of Thailand Prayut Chan-o-cha.

According to the MOU, the parties intend to cooperate and study potential joint opportunities in the exploration and production of hydrocarbons, the implementation of LNG projects, the supply of LNG and the development of LNG markets, and the supply of liquid hydrocarbons.

The Chairman of NOVATEK’s Management Board Leonid Mikhelson noted: “There are strong fundamentals for this joint cooperation. NOVATEK has high quality resources for the implementation of new LNG projects, while PTT is expanding LNG supplies to Thailand and is interested in the sustainability of such supplies to their domestic markets. I’m certain we will be able to establish an optimal framework for efficient joint business development of our companies”.