• 5 minutes Iran Says It Arrested 17 CIA Spies, Some Sentenced To Death
  • 9 minutes Will We Ever See 100$+ OIL?
  • 13 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 15 mins Platts says if Iran's 2 mm bbls exports comes back on market oil goes to $40 . . . What about new Permian pipelines 2.47 mm bbls coming ? . . . WHAT IF BOTH IRAN AND PERMIAN TOTAL 4.47 mm added bbls . . . OMG !
  • 20 hours Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 13 hours Renewables provided only about 4% of total global energy needs in 2018
  • 6 hours Today President Trump Questioned U.S. Policing the Straits of Hormuz for Rich Asian Countries. Allies Britain and Japan were asked to participate. Said NO. US spends $100 Billion/year Protecting Mideast Shipping Lanes!
  • 2 hours Millions of Barrels of Iranian Oil Are Piled Up in China’s Ports
  • 59 mins So You Think We’re Reducing Fossil Fuel? — Think Again
  • 5 hours N.Y. Governor Signs Climate Bill
  • 1 day Berkeley becomes first U.S. city to ban natural gas in new homes
  • 9 hours Oil Giant Saudi Arabia Is Set to Start First Wind-Power Plant
  • 2 hours U.S. Administration Moves To End Asylum Protections For Central Americans
  • 1 day How is E&P of Marginal Oil on the UKCS Similar to the Shale Oil Operations in the US?
  • 9 hours EIA Reports Are Fraudulent : EIA Is Conspiring With Trump To Keep Oil Prices Low
  • 1 day Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
Saudi Arabia’s Big IMO 2020 Lie

Saudi Arabia’s Big IMO 2020 Lie

Saudi Aramco claims that it…

Bullish Sentiment Fades From Oil Markets

Bullish Sentiment Fades From Oil Markets

With the threat to oil…

Russia’s Novatek Sells 20% In Arctic LNG 2 To Chinese Firms

Yamal LNG

 

Russian gas producer Novatek said on Thursday that it had signed agreements with two Chinese companies, under which the Asian firms will become shareholders in the Arctic LNG project with 10 percent each.

Novatek, the largest Russian producer and exporter of liquefied natural gas (LNG), signed an agreement with CNOOC and another deal with China National Oil and Gas Exploration and Development Company (CNODC), a wholly owned subsidiary of China National Petroleum Corporation (CNPC). CNOOC and CNODC will enter the Arctic LNG project with a 10-percent participation interest each.

“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,” Leonid Mikhelson, Novatek’s Chairman of the Management Board, said in a statement.

“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,” according to Mikhelson.

Earlier this year, France’s Total, a partner of Novatek in the producing Yamal LNG project, signed a deal to buy a direct 10-percent interest in Arctic LNG 2. The project’s final investment decision (FDI) is expected to be made in the second half of 2019, with plans to start up the first liquefaction train in 2023, according to the French oil and gas major.

Related: Chevron And Occidental Start Bidding War For Anadarko

Earlier this month, Novatek signed a preliminary agreement with Vitol for supply from Arctic LNG.

“We commenced contracting LNG volumes from our new project Arctic LNG 2,” Novatek’s First Deputy Chairman of the Management Board, Lev Feodosyev, said in early April, adding that “LNG volumes sold at our transshipment terminals ensures the flexibility of LNG supplies around the world and allows us to create LNG hubs in the Asia-Pacific and Atlantic basins.”

While keeping a grip on the European gas market, Russia looks to boost LNG deliveries to the growing Asian market with storage hubs close to end-users to reduce freight costs and increase flexibility in deliveries.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

 



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play