NOVATEK Signed Memorandum on Strategic Cooperation with SACE
AO NOVATEK (“NOVATEK” and/or the “Company”) and SACE (CDP Group) signed a Memorandum on Strategic Cooperation (“Memorandum”) in relation to the Company’s current and future LNG projects. The parties agreed to develop long-term cooperation on the Arctic LNG 2 project and potential new LNG projects involving Italian suppliers and engineering companies.
“We successfully cooperated with SACE in the financing of our Yamal LNG project” noted NOVATEK’s Chairman of the Management Board Leonid Mikhelson. “Today’s signing of our Memorandum with SACE creates new opportunities for mutually beneficial cooperation with Italian businesses on our future LNG projects. We welcome the interest of international export credit agencies to participate in the financing of our Arctic LNG projects.”
Note:
The Arctic LNG 2 project envisages constructing three LNG trains at 6.6 million tons per annum each, using gravity-based structure (GBS) platforms. The Project is based on the hydrocarbon resources of the Utrenneye field. As of 1 December 2018, the Utrenneye field’s reserves under the Russian reserves classification totaled 1,978 billion cubic meters of natural gas and 105 million tons of liquids. OOO Arctic LNG 2 owns an LNG export license.
