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Novatek CEO does not see risks of ‘major sanctions’ against company

April 20, 2018, 17:30 UTC+3 MOSCOW

The company has been under US sectoral sanctions since 2014

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Leonid Mikhelson

Leonid Mikhelson

© Mikhail Metzel/TASS

MOSCOW, April 20. /TASS/. Novatek does not see risks of new Western sanctions against the company, Chief Executive Officer of the Russian gas producer Leonid Mikhelson said on Friday.

"We do not see that any serious sanctions will apply to Novatek," the top manager said.

The company has been under US sectoral sanctions since 2014. "Certainly, our strategy addresses possible sanctions, the technology ones in the first instance," Mikhelson said.

Technology solutions of the company for future projects, including the Arctic LNG 2, are made so that to have protection against potential sanctions, he noted.

"Our technology solutions for the Arctic LNG 2 project is also like insurance against potential future sanctions," Mikhelson said. The share of supplies from Russian companies to the Arctic LNG 2 will be higher than when implementing the Yamal LNG project.

At the same time, investments into the Arctic LNG 2 will be smaller as compared to the Yamal LNG, Mikhelson said. "It will be simpler for us. We will not need such amount of external financing for our future project, comparing to the Yamal LNG," he added.

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