"NOVATEK announced today that its joint venture Arctic LNG 2 concluded 20-year LNG Sales and Purchase Agreements for the total LNG production volumes with all the Project's participants. The LNG sales from Arctic LNG 2’s first liquefaction train are planned to commence in 2023," the company said in a statement.
"The long-term offtake agreements between Arctic LNG 2 and its participants ensure the future revenue stream from LNG sales and de-risks the Project," Leonid Mikhelson, the chairman of Novatek's management board, said.
Novatek is the largest independent natural gas producer in Russia. It entered the LNG business in 2017 with the large-scale Yamal project, followed by the Arctic LNG 2 project. The latter is expected to be launched in 2023.