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Novatek says $425 mln needed for creation of Russian gas liquefaction technology

It was estimated that the enterprise swould need around 24 bln rubles

ST. PETERSBURG, June 17. /TASS/. Novatek suggests that a Russian gas liquefaction technology be created, Chairman of the Board Leonid Mikhelson said at the St. Petersburg International Economic Forum (SPIEF), adding that 24 bln rubles ($425 mln) will be needed for R&D activities.

"It is necessary to create a domestic liquefaction technology, for which a full-fledged localization program fully backed by the state is required. According to our estimations, enterprises that we are working with, will need around 24 bln rubles," he said.

"Investments in one LNG line only total 400 bln rubles, and they may be launched each 1.5 years. With 24 bln rubles spent on R&D, we will be able to launch investments worth 400 bln rubles each 1.5 years," Mikhelson added.

The St. Petersburg International Economic Forum organized by the Roscongress Foundation is running from June 15 to 18. This year’s forum is dubbed: ‘New Opportunities in a New World’. The SME Forum, the Creative Business Forum, the Drug Security Forum, the SPIEF Junior Dialogue and SPIEF Sport Week are also going to be part of the SPIEF event. TASS serves as the event’s official photo hosting agency and the information partner.

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