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Bahrain could receive LNG shipments from Russia

Novatek signs LNG MoU with Kogas

Jun 24, 2018
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Russia’s Novatek has signed a MoU with South Korea's Kogas to further collaborate and develop future LNG opportunities that could see the South Korean player enter the Arctic LNG 2 project.

In a statement, Novatek said as part of the MoU, the parties agreed to explore opportunities for KOGAS to enter the Arctic LNG 2 project and possible LNG off-take from the project, participate in the LNG transhipment project in Kamchatka and other infrastructure projects, as well as develop cooperation in LNG trading and logistics optimization, including swap operations.

Novatek's Chairman of Management Board Leonid Mikhelson said: "The Asian Pacific markets are a priority destination for our LNG projects as this important geographical region represents the fastest growing markets for natural gas consumption, and South Korea is presently one of the largest importers of LNG. Our scalable LNG projects combined with our huge hydrocarbon resource base, our low cost LNG production and the further development of our logistics model using the Northern Sea Route and the transhipment terminal in Kamchatka create perfect opportunities for mutually beneficial cooperation for our potential partners.”

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