Vladivostok, 4 September 2019. Today, during the Eastern Economic Forum in Vladivostok, PAO NOVATEK (“NOVATEK” and/or the “Company”) and H-Energy Global Ltd (“H-Energy”), India, signed a Memorandum of Understanding (MOU).
The MOU envisages cooperation in LNG supplies to India on a long-term basis, joint investment in future LNG terminals of H-Energy and LNG projects of NOVATEK, as well as establishing a joint venture to market LNG and natural gas from NOVATEK’s portfolio to end-customers in India, Bangladesh and other markets.
“India is one of the largest and fastest growing LNG markets, and will be one of the main sources of future growth in global demand for natural gas,” noted NOVATEK’s Chairman of the Management Board Leonid Mikhelson. “The Memorandum of Understanding is an important step towards entering the end customer market in India, which is of great interest to NOVATEK taking into account our strategic plans to implement new LNG projects and significantly increase our LNG production volumes.”