Novatek, Saibu Gas ink LNG MoU

Novatek, Saibu Gas ink LNG MoU

Russia’s largest independent natural gas producer and LNG operator, Novatek, signed a memorandum of understanding with Japan’s Saibu Gas on LNG cooperation. 

Image courtesy of Novatek

Under the agreement, Novatek and Saibu Gas will work together on entering the end-consumer market and optimization of Novatek’s LNG portfolio supplies to the Asia-Pacific region by utilizing Hibiki LNG terminal in Japan.

Speaking of the agreement, Lev Feodosyev, Novatek’s deputy chairman, said, “The Asia-Pacific region is a priority destination for Novatek’s LNG projects. Our ability to use the Hibiki terminal will help diversify our customer base and increase the flexibility of deliveries to the premium LNG markets.”

Novatek’s first liquefied natural gas export project, Yamal LNG reached peak production earlier this month and the company and has already set the wheels in motion on developing its second Arctic LNG project.

The Arctic LNG 2 project envisages construction of three LNG trains at 6.6 million tons per annum capacity each, using gravity-based structure (GBS) platforms, using hydrocarbon resources of the Utrenneye field.