Russia: Novatek to Ink Yamal LNG Construction Contract

Russia’s largest independent gas producer Novatek plans to sign the EPC contract on construction of the Yamal LNG terminal in one-two weeks, the company’s CFO Mark Gyetvay said, Interfax informs.

He also revealed that, after the signing, the company can provide a more exact figure concerning construction costs. The current cost estimate is $20 billion.

The Yamal LNG project will develop the South Tambey field located in the arctic area of the Yamal peninsula. The resources of this condensate and gas field will allow production of more than 15 million tons of LNG per year.

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LNG World News Staff, March 12, 2013; Image: Novatek