Novatek to Ink Contracts for LNG Supply from Yamal in Q2 2013, Russia

Novatek is supposed to provide liquified natural gas from their plant on the Yamal peninsula, according to Vedomosti daily business newspaper, and they expect to sign contracts for the LNG supply in the second quarter of 2013.

Novatek lost their key client, Inter RAO, to Rosneft earlier this year, after the two companies signed a 25 – year gas supply agreement.

Leonid Mikhelson, Novatek’s CEO, told the reporters that sales are anticipated to begin by the end of 2016.

“We have a sufficient resources base at least till 2020. We will have to invest substantially in Yamal, internal assets. Russian shelf is the Arctic Ocean. The projects (there) demand high investments. In the medium term we will not be looking into it, even though strategically it is important,” he said.

[mappress]
LNG World News Staff, December 27, 2012; Image: Novatek