Italy's Saipem and Turkey's Ronesans signed an joint venture (JV) agreement for infrastructure construction for the Arctic LNG-2 project, Saipem announced on Wednesday.
The company said the contract for the construction of the project is worth € 2.2 billion.
Both Saipem and Ronesans will each hold a 50 percent share in the joint venture for the construction of the Arctic LNG-2 project the value of which is $25.5 billion.
At the 22nd Saint Petersburg International Economic Forum in May 2018, in the presence of the Russian President Vladimir Putin and the President of France Emmanuel Macron, the Chairman of the management board of Novatek, Leonid Mikhelson, and Chairman and Chief Executive Officer of Total, Patrick Pouyanne, signed a binding agreement on the terms to enter the Arctic LNG-2 project.
The project targets the production of 20 million tons of LNG from 2022.
Reporting By E. Gurkan Abay in Moscow
Writing By Murat Temizer