Novatek Ships First Yamal LNG Cargo to India, Bolsters Ties with COSCO
- Business & Finance
Russian gas producer PAO Novatek has shipped its first liquefied natural gas (LNG) cargo produced by the Yamal LNG project to the Indian market.
The cargo was shipped through the company’s subsidiary, Novatek Gas and Power Asia Pte. Ltd.
“One of our core priorities enumerated in the company’s Corporate Strategy up to 2030, is the expansion of the supply geography and the growth of our presence in the key Asian markets. The first cargo delivered to the growing Indian market is an important development step in this direction,” Novatek’s First Deputy Chairman of the Management Board Lev Feodosyev noted.
Separately, the company agreed to expand the cooperation with China COSCO SHIPPING Corporation Limited on the Yamal LNG project.
The representatives of the two companies met in Shanghai today to review their cooperation on the project and decided to bolster ties, with a special focus on the dialogue on Arctic transportation collaboration.
Earlier this month, China COSCO Shipping welcomed the first of three newbuilding vessels ordered jointly with Japanese Mitsui O.S.K. Lines (MOL) from DSME in 2014.
The ice-breaking LNG carrier, named Vladimir Rusanov, and its sister ships are intended to transport LNG from the Yamal LNG plant at Sabetta on Russia’s Yamal Peninsula to worldwide LNG markets throughout the year.
The ships will also be able to sail on the Arctic Sea Route to transport LNG to East Asia via the Bering Strait during the summer months.
MOL and China COSCO Shipping have split ownership in four more 174,000 cbm LNG carriers intended for delivery and deployment on Yamal LNG project in 2019 and 2020 onwards.
The potential of the Yamal LNG and the Northern Sea Route are very interesting for Asian countries, including Japan, who import energy resources, especially in the wake of the trade growth in energy delivered through the route, which is a much shorter alternative to the Suez Canal.
At the beginning of March, Russia’s Arctic gas project Yamal LNG shipped its first million tons LNG from its first liquefication train.
Yamal LNG is constructing a 16.5 mmtpa natural gas liquefaction plant utilizing the hydrocarbon resources of the South-Tambeyskoye field on the Yamal peninsula located in the Arctic territory of the Russian Federation.
Yamal LNG is owned and operated by a partnership comprised of Novatek, Total, CNPC and the Silk Road Fund. It aims to tap natural gas reserves totaling more than 4 billion barrels of oil equivalent (BOE).
World Maritime News Staff