Russia’s Novatek signed a preliminary agreement with Japan Oil, Gas and Metals National Corporation (JOGMEC) to cooperate on LNG projects in the north of Russia. Prime Minister of Japan Shinzo Abe and the President of Russian Federation Vladimir Putin, JOGMEC signed a Memorandum of Understanding (MOU) with NOVATEK.
According to the MOU, the parties intend to pursue opportunities of cooperation in NOVATEK’s projects in Yamal and Gydan peninsulas, including Arctic LNG-2 project and opportunities of cooperation on the development of a regular transport link via Northern Sea Route for LNG deliveries to the markets in Japan and Asia-Pacific, as well as LNG marketing opportunities in Asia-Pacific region.
NOVATEK is one of Russia’s largest independent gas producers, which has expertise in the exploration, production and liquefaction in Arctic region. By further deepening its cooperative relationship with NOVATEK, JOGMEC promotes new business opportunities in Arctic region for Japanese companies and supports developments of LNG supply in this region, which contributes to strengthening the bilateral relationship between Japan and Russia and eventually energy security of Japan.