Gazprom, Novatek sign deal on Yamal LNG joint venture

1/10/2013

Gazprom, Novatek sign deal on Yamal LNG joint venture

BY JAMES MARSON

MOSCOW -- Gazprom and Novatek have signed a deal to create a joint venture to produce LNG on the Yamal peninsula in the Arctic, Gazprom said in a statement.

The venture will draw up plans to develop gasfields and build an LNG plant, the statement said. The companies plan to approve the project's main parameters, including a timetable for making a final investment decision and conditions for financing, by the end of the year.The venture could eventually produce around 16.5 MMmtpa of LNG, Gazprom CEO Alexei Miller was quoted.

Novatek is already developing an LNG project on the peninsula with Total, which is expected to launch in 2016. Russia's government is considering Novatek's application for permission to sell LNG from the project abroad. Gazprom currently has a monopoly on gas exports.

Dow Jones Newswires

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