Novatek and CNOOC sign entrance agreement to Arctic LNG 2

  • Apr 25, 2019
  • Energy Global

Pao Novatek has announced, at the Second Belt and Road Forum for International Cooperation, that Novatek and CNOOC Ltd. have signed a binding agreement on the acquisition by CNOOC of a 10% participation interest in the Arctic LNG 2 project.

“We are very glad that CNOOC has joined our Arctic LNG 2 project as our new partner, since China represents one of the key consuming markets for our LNG sales,” noted Leonid Mikhelson, Novatek’s Chairman of the Management Board. “Arctic LNG 2 will be a game-changer in the global gas market, and our proven track record to successfully build an LNG facility in the Arctic zone, combined with a proven logistical model with access to prospective markets and large hydrocarbon resource base will ensure the successful implementation of this world class project.”

Pao Novatek has announced, at the Second Belt and Road Forum for International Cooperation, that Novatek and CNOOC Ltd. have signed a binding agreement on the acquisition by CNOOC of a 10% participation interest in the Arctic LNG 2 project.

“We are very glad that CNOOC has joined our Arctic LNG 2 project as our new partner, since China represents one of the key consuming markets for our LNG sales,” noted Leonid Mikhelson, Novatek’s Chairman of the Management Board. “Arctic LNG 2 will be a game-changer in the global gas market, and our proven track record to successfully build an LNG facility in the Arctic zone, combined with a proven logistical model with access to prospective markets and large hydrocarbon resource base will ensure the successful implementation of this world class project.”