China Drying Newsletter Gazprom, Gazprom (hereinafter referred to as Gazprom) announced on January 10 that it has signed an agreement with Russia’s largest independent natural gas producer, Novatek, to plan for the Yamal Peninsula in the Arctic region. Create a joint venture to produce liquefied natural gas (LNG).
The joint venture will draft plans for the development of natural gas and construction of LNG plants. The two companies plan to finalize the main parameters of the project by the end of this year, including the timing of final investment decisions and financing. The joint venture will eventually produce approximately 16.5 million tons/year of LNG. Novatek has previously cooperated with Total in the development of a LNG project on the Yamal Peninsula and is expected to start production in 2016.
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