CNPC and Novatek Signed Framework Agreement for Arctic LNG 2

CNPC and Novatek Signed Framework Agreement for Arctic LNG 2

On April 25, 2019, CNPC International Exploitation & Development and Novatek signed a framework agreement for the Arctic LNG 2 Project on the second Belt and Road Summit. Wang Yilin and Leonid Mikhelson witnessed the signing of the agreement. According to the agreement, CNPC will acquire a 10% stake in the project.

Wang Yilin, president of CNPC, said that the signing of the agreement was a milestone in the development of the Arctic LNG 2 Project and a successful subsequent step after the cooperation of CNPC and Novatek on the Yamal Project.

Arctic LNG 2 Project will be constructed in the form of gravity based structure (GBS) and include three 6.6 mn mt/a LNG trains. The project will use the resources from Salmanov Gasfield in the Yamal region, one of the largest natural gas production regions in the world. The gas output in the region takes 80% of Russia’s gas output and 15% of the global gas output.

The transaction will take effect after the necessary internal approval process has been completed.

……

More detailed information, please click "Read more".