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Novatek and Saudi Aramco sign memorandum of cooperation

February 19, 11:48 UTC+3 MOSCOW

Saudi Arabia’s Saudi Aramco worth is estimated at $5 trillion

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MOSCOW, February 19. /TASS/. Novatek and Saudi Aramco signed a memorandum on development of international cooperation and joint investments in the gas sector, the Russian natural gas producer said on Monday.

"We see high prospects of mutually beneficial strategic partnership with Saudi Arabia. Our company has proficient reserves of natural gas and the unique experience of implementing LNG projects in Arctic Russia. Novatek’s strategy provides for growth of LNG production at a quick rate with engagement of international partners and we welcome interest of such a globally significant company as Saudi Aramco in cooperation on the global gas markets," Novatek CEO Leonid Mikhelson said.

Saudi Arabia’s Saudi Aramco is the globally largest oil company valued at $5 trillion.

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