Russia's Novatek, Japan's Marubeni and Mitsui O.S.K. Lines signed a trilateral memorandum of understanding (MOU) on Tuesday to establish a liquefied natural gas (LNG) complex in Russia's Kamchatka region.
Novatek said the MOU defines the parties’ intentions and a specific action plan to explore opportunities to establish an LNG transshipment and marketing complex in the Kamchatka region, including investments in this infrastructure project.
"One of the main advantages of creating an LNG transshipment terminal at Kamchatka is its close proximity to consumers and the opportunity to ensure flexible sales terms for the key consuming markets of the Asian-Pacific region. The MOU demonstrates a high market interest and relevancy for this type of project to address market needs," said Leonid Mikhelson, the chairman of Novatek's management board Leonid Mikhelson.
Novatek is one of the largest independent natural gas producers in Russia.
The company’s upstream activities are concentrated 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 16 percent of the world’s gas production.
By Murat Temizer
Anadolu Agency
energy@aa.com.tr
