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Russia’s NOVATEK, Thai PTT Energy Companies Sign Understanding Memorandum

© AP Photo / Sergei ChuzavkovRussia's Sudzha gas pumping station
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Russia’s largest independent natural gas producer Novatek and Thai PTT energy company on Wednesday signed a memorandum of understanding (MOU), the Russian firm said in a statement.

ST. PETERSBURG (Sputnik) – Russia’s largest independent natural gas producer Novatek and Thai PTT energy company on Wednesday signed a memorandum of understanding (MOU) outlining areas of cooperation at a meeting between the two countries' heads of governments, the Russian firm said in a statement.

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According to the statement, the sides intend to develop cooperation and study potential opportunities in the exploration and production of hydrocarbons, including implementation of liquefied natural gas (LNG) projects.

“There are strong fundamentals for this joint cooperation. NOVATEK has high quality resources for the implementation of new LNG projects, while PTT is expanding LNG supplies to Thailand and is interested in the sustainability of such supplies to their domestic markets.  I’m certain we will be able to establish an optimal framework for efficient joint business development of our companies,” Chairman of Novatek’s Management Board Leonid Mikhelson said, as quoted in the statement.

Russian Prime Minister Dmitry Medvedev and his Thai counterpart Prayut Chan-o-cha held bilateral talks in the Russian city of St. Petersburg earlier in the day. Following the meeting, Medvedev said that Russia and Thailand aim to increase bilateral trade to $10 billion a year.

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