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.”