Novatek forms LNG partnership with MOL, JBIC

Russia’s largest independent natural gas producer and LNG project operator Novatek has formed ties with Japan’s Mitsui O.S.K. Lines (MOL) and Japan Bank for International Cooperation (JBIC) to collaborate on LNG projects. 

Under the agreement, the trio will work on developing marine LNG transshipment complexes in the territory of Kamchatka and Murmansk region, including the possible acquisition of participation interest in projects and potential financing of projects.

“We have already started successful cooperation with Japanese companies in large LNG projects, including Yamal LNG and Arctic LNG 2, and, accordingly, we see great potential in expanding further this mutually beneficial cooperation,” Novatek’s head Leonid Mikhelson said.

He added that the construction of the Kamchatka and Murmansk transshipment complexes will help to optimize logistics and maximize the efficiency of LNG deliveries from Yamal and Gydan to LNG key markets of the Asia-Pacific region, including Japan, the largest global LNG consumer.

“We think we will reach final arrangements for these projects by year-end,” Mikhelson said.