Novatek, JBIC pen LNG development MoU

Yamal LNG operator, Novatek, on Monday said it has signed a memorandum of understanding with Japan Bank for International Cooperation (JBIC) to cooperate on liquefied natural gas projects. 

Under the MOU, Novatek and JBIC eye cooperation in the implementation of the former’s LNG projects, including financing and investment, the statement reads.

Novatek’s CEO Leonid Mikhelson noted that the MOU is a step towards developing a strategic partnership with Japanese companies.

In a last week’s report, Tadashi Maeda, JBIC’s CEO, was quoted as saying that such an agreement was in the pipeline and that the two parties are close to finalizing terms on a US$400 million loan to the Yamal LNG project.

Maeda also voiced JBIC’s interest in Novatek’s second LNG project, set to enter development phase once the Yamal LNG project is complete.

However, Mikhelson stressed that the Russian company has still not chosen its partners for the Arctic LNG 2 project, the start-up of which is planned for 2022.

LNG World News Staff