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Russia's Novatek, China's CNPC sign cooperation agreement

November 01, 13:17 UTC+3 BEIJING

Novatek and the China Development Bank have signed a memorandum of understanding

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BEIJING, November 1. /TASS/. Russian company Novatek signed an agreement on strategic cooperation with China National Petroleum Corporation (CNPC).

In addition, Novatek and the China Development Bank have signed a memorandum of understanding on broad cooperation. Following the results of Russian-Chinese intergovernmental negotiations, a framework loan agreement was signed between Vnesheconombank and the Export-Import Bank of China for up to $3 bln.

"The strategic cooperation agreement confirms the parties’ intentions to cooperate in implementing the Arctic LNG 2 project, as well as collaborating in different segments of the LNG and natural gas markets, including LNG trading and gas infrastructure development," Novatek said in a statement.

"Our companies already have a history of effective cooperation, including the successful implementation of the Yamal LNG project. We believe our strategic cooperation agreement will further enhance our mutual relationship as well as open up new opportunities for both companies, utilizing our experience in implementing LNG projects combined with the enormous opportunities in the Chinese market, one of the most perspective gas markets globally," Chairman of Novatek’s Management Board Leonid Mikhelson noted.

Novatek is one of the largest independent natural gas producers in Russia. Founded in 1994, the company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The company’s upstream activities are concentrated in the prolific Yamal-Nenets Autonomous region. The company’s shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE).

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