India Signs LNG MoU with Novatek

BY Tiya Chatterji 6.Nov.2019

The Russian gas producer Novatek has signed MoU(s) with the H-Energy Global and Petronet LNG; Indian natural gas companies for the sale of Russian LNG. During Prime Minister Narendra Modi visit’s to Russia, an MOU was also signed between Novatek and India's Petronet LNG Limited on future natural gas cooperation including supplies for power generation and marketing of LNG as motor vehicle fuel. It includes joint investment in developing a network of filling stations and a fleet of LNG-fueled trucks.

India is one of the largest and fastest growing LNG markets, and will be one of the main sources of future growth in global demand for natural gas,” Leonid Mikhelson, Novatek’s Chairman of the Management Board, noted. “The Memorandum of Understanding is an important step towards entering the end customer market in India, which is of great interest to Novatek taking into account our strategic plans to implement new LNG projects and significantly increase our LNG production volumes.”

Novatek is the largest independent natural gas producer in Russia, and in 2017, it entered the global gas market by successfully launching the Yamal LNG project. The Company’s upstream activities are focused mainly in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80 percent of Russia’s natural gas production and approximately 15 percent of the world’s gas production.