Novatek Signs Agreements With CNPC, Chinese Development Bank

By Carlo MartuscelliFeaturesDow Jones Newswires

Russian natural gas producer Novatek (NVTK.LN) announced it had signed agreements with two Chinese organizations concerning its Arctic Liquid Natural Gas 2 project in northwestern Siberia.

Novatek said it had signed a strategic cooperation agreement with the Chinese National Petroleum Company that confirmed cooperation in the Arctic LNG project, as well as in general trading and infrastructure development natural gas.

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The Russian natural gas company also signed a memorandum of mutual understanding with the China Development Bank, saying that the two companies would cooperate in the implementation of the Artic LNG 2 project in a number of areas including financing and investment, as well as in other projects.

Leonid Mikhelson, chairman of Novatek's management board, noted that Novatek had previously worked with both organizations in the implementation of the Yamal LNG project, also in Siberia.

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(END) Dow Jones Newswires

November 01, 2017 04:39 ET (08:39 GMT)