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2019-09-04 18:00:00

RUSSIA'S LNG FOR INDIA

RUSSIA'S LNG FOR INDIA

PLATTS - Russia's Novatek signed two memoranda of understanding with Indian companies H-Energy Global and Petronet LNG Wednesday on cooperation on LNG supplies and production, on the sidelines of the Eastern Economic Forum in Vladivostok.

Novatek's memorandum of understanding with H-Energy Global covers cooperation on long-term LNG supplies to India, joint investment in H-Energy's future LNG terminals and Novatek's LNG projects, as well as forming a joint venture to sell LNG and natural gas from Novatek to end-users in India and other markets.

The JV will market LNG and natural gas from Novatek's portfolio to customers in India, Bangladesh and other markets, Novatek said in a statement.

Separately Novatek's MOU with Petronet LNG envisages Novatek supplying LNG to the Indian market, natural gas supplies for power generation, investment by Petronet in Novatek's future LNG projects, and joint marketing of LNG as a motor fuel in India.

"India is one of the largest and fastest growing LNG markets, and will be one of the main sources of future growth in global demand for natural gas," Novatek CEO Leonid Mikhelson said.

He added that entering the end-customer market in India is of great interest to Novatek, taking into account the company's strategic plans to implement new LNG projects and significantly increase LNG production.

"India's rapid economic growth requires increasing demand for all sources of energy and, primarily, for natural gas as the most environmentally friendly type of fuel. Moreover, the conversion of modal transport to LNG enables India to significantly reduce carbon emissions, thereby contributing to India's commitment toward reducing its impact on climate change," Mikhelson added.

The MOUs comes after Novatek signed other LNG cooperation deals with Asian investors in recent months, including Japanese and Chinese investors joining its Arctic 2 LNG project. Novatek also signed a preliminary deal to create a joint venture with Gazprombank and China's Sinopec to market LNG and natural gas to end-users in China, earlier this year.

Sovcomflot cooperation

Separately, Novatek and Russian shipper Sovcomflot signed Wednesday an agreement on creating a JV that will focus on managing construction and operations of Arctic ice-class LNG carriers to ship from Novatek's future LNG projects, including the Arctic LNG 2.

Other participants may also join the JV, Novatek said.

"The efficient development of the Northern Sea Route as a viable, year-round navigational route requires consolidating experience in ice navigation, applying new technological solutions, and implementing the best international standards for navigational safety and training," Mikhelson said, according to a company statement.

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