RUSSIAN LNG FOR GERMANY
PLATTS - Russian independent gas producer Novatek and Belgium's Fluxys Wednesday signed a land lease agreement with the port of Rostock in Germany for construction of a mid-scale LNG transshipment terminal.
Novatek will hold 49% and Fluxys 51% in the joint venture, which plans to build and operate a 300,000-mt-a-year terminal for receiving and unloading mid-scale LNG carriers, keeping LNG in storage, and providing downstream LNG distribution services.
"Fluxys as gas infrastructure partner is pleased to team up with Novatek in this venture to facilitate the market for liquefied natural gas as low emission fuel in North and Central Europe and in the Baltic Sea area," Fluxys Managing Director Pascal De Buck said, according to a company statement.
The terminal will allow customers to use LNG as an alternative to heavy fuel oil, diesel and LPG in North and Central Europe and the Baltic region. It will also supply LNG as a bunker fuel for ships in the Baltic Sea.
The terminal will receive LNG carriers from Novatek's liquefaction facility currently under construction at the Russian port of Vysotsk near St. Petersburg.
Novatek CEO Leonid Mikhelson described developing small-to-medium-tonnage projects to target niche markets and customer segments as one of the company's strategic LNG initiatives.
"This approach allows us to build effective marketing channels on different markets. Moreover, the LNG Terminal at Rostock allows us to market LNG as a marine fuel and motor fuel instead of diesel and fuel oil that will contribute to decreasing emissions and improving the environment," he said, according to a Novatek statement.
Novatek plans to increase its LNG output to 55 million mt/year by 2030, and company officials have said that they are likely to revise this figure upward.
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