Novatek, Russia's largest independent natural gas company, announced its participation in a planned tender for the development of hydrocarbon sites in the Lebanese continental shelf, Leonid Mikhelson, CEO of the company said on Thursday.
During the 50th World Economic Forum (WEF) held in Davos, Switzerland, Mikhelson responded to reporters' questions on Novatek's ongoing activities and said that, "European customers don't want to buy gas from a single producer. They want to buy it from Gazprom, Algeria and Norway."
Mikhelson said he is confident that the company can compete with the Russian energy company Gazprom in the European natural gas markets and will also participate further afield for the development of hydrocarbon fields planned for Lebanon in April.
"As part of a consortium, we will participate in the tender for resources in the Lebanese continental shelf," he said.
In December 2017, the Lebanese government permitted a consortium, consisting of France's Total, Italy's ENI and Russia's Novatek, to conduct oil exploration and extraction.
The second phase of the tender for the development of the fields in the country's exclusive economic zone is scheduled for April 30.
Reporting By E. Gurkan Abay in Moscow
Writing By Murat Temizer