Report: Novatek mulling LNG marketing tie-up with Qatargas

Novatek of Russia, the operator of the Yamal LNG project is looking to set up a joint venture with Qatargas, according to Alexander Novak, Russian energy minister. 

Speaking to reporters following a meeting with Qatari energy minister Mohammed Al-Sada, Novak said Novatek is interested in marketing LNG jointly with Qatargas, Reuters reports.

Novatek is expecting to produce first LNG from its US$27 billion, 16.5 mtpa facility during the second quarter of 2017.

The company’s CFO Mark Gyetvay last month said that 100 percent production capacity of the Yamal LNG project has been sold.

He also added that the project has passed the 50 percent overall completion mark and that the project’s first train has passed the 65 percent completion mark.

Shareholders in the project, besides the operator Novatek that holds a 50.1 percent stake in the project are Total and CNPC with a 20 percent stake each and China’s Silk Road Fund with a 9.9 percent stake.

LNG World News Staff