Novatek to sign final Arctic LNG 2 partner in June

Novatek’s second liquefied natural gas project the Arctic LNG 2 could be joined by a new partner from the Asian Pacific region. 

Speaking at the sidelines of an energy conference, company’s finance chief Mark Gyetvay said the final partner for the Arctic LNG 2 project is likely to be from the Asia Pacific market, Reuters reports.

The deal with the fourth partner could be signed before the end of the month.

Novatek has previously inked deals with France’s Total, and the Chinese pair CNPC and CNOOC all taking a 10 percent participation stake in the project.

Each partner is set to take its equity as LNG supply, which translates to around 1.98 mtpa of LNG from the project set to have a production capacity of 19.8 mtpa.

It envisions the construction of three LNG trains at 6.6 million tons per annum each, using gravity-based structure (GBS) platforms.

The project is based on the hydrocarbon resources of the Utrenneye field.

LNG World News Staff