Novatek To Form Partnership With MOL And Marubeni

Published: Nov 28 2017
Deal Summary

Novatek, an independent natural gas producer, signed a trilateral memorandum of understanding with Mitsui O.S.K. Lines, Ltd. (MOL), a shipping company, and Marubeni Corporation, a general trading company, to develop a liquefied natural gas (LNG) transhipment and marketing complex located in Kamchatka area of Russia.

The project will create offshore infrastructure to tranship LNG cargoes from ice-breaking LNG ships to standard LNG ships. The fuel will be produced in LNG projects of Novatek located in the Arctic region. The project will also ensure flexible LNG supply to the Asia-Pacific region.

Leonid Mikhelson, CEO of Novatek, said, "One of the main advantages of creating an LNG transhipment terminal at Kamchatka is its close proximity to consumers and the opportunity to ensure flexible sales terms for the key consuming markets of the Asian-Pacific region. The MOU demonstrates a high market interest and relevancy for this type of project to address market needs.”

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