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    Russian independent natural gas producer NOVATEK signed a memorandum on understanding with Belgium's natural gas transmission and storage operator.

    Russia’s NOVATEK Signs Memo on Understanding With Belgium’s Fluxys

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    St. Petersburg International Economic Forum 2017 (183)
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    Russian independent natural gas producer NOVATEK signed a memorandum on understanding with Belgium's natural gas transmission and storage operator.

    ST. PETERSBURG (Sputnik) – Russian independent natural gas producer NOVATEK signed Thursday a memorandum on understanding with Belgium's natural gas transmission and storage operator at the International Economic Forum in Russia’s St. Petersburg (SPIEF), NOVATEK said in a statement.

    "As part of today’s 21st Saint Petersburg International Economic Forum, PAO NOVATEK ("NOVATEK") signed a Memorandum of Understanding ("Memorandum") with Fluxys SA ("Fluxys"). According to the Memorandum, the parties intend to pursue strategic cooperation in developing small-scale LNG projects in Europe, in developing LNG marketing in Europe and Latin America, optimizing LNG logistics, as well as other potential projects involving LNG," the statement said.

    Cooperation between NOVATEK and Fluxys will contribute to development of new liquefied natural gas (LNG) markets and help promoting NOVATEK on the LNG markets, the statement said, citing Chairman of NOVATEK’s Management Board Leonid Mikhelson.

    On Thursday, Mikhelson said that first LNG deliveries under Russia's Yamal LNG project would enter the spot market and would be followed by long-term contract deliveries next year. Spanish and Qatar business has already expressed their interest in NOVATEK projects.

    The Yamal LNG Project is considered one of the largest industrial initiatives in the Russian Arctic. It involves construction of facilities to supply 16.5 million metric tonnes of LNG per year from the resource base of South Tambey in Russia's Arctic Yamal Peninsula. NOVATEK is said to own a 60-percent equity stake in the project, with China’s CNPC and France’s Total at 20 percent each.

    SPIEF kicked off its 3-day run on June 1. It is a key global platform for communication between business representatives and discussion of crucial economic issues that the world faces. Sputnik News Agency is the official media partner of the forum.

    Topic:
    St. Petersburg International Economic Forum 2017 (183)

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    LNG, Novatek, Belgium, Russia
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