Novatek, Moscow, and Saudi Arabian Oil Co. (Saudi Aramco) have signed a memorandum of understanding to collaborate on natural gas projects.
Subjects include LNG supplies, development of LNG markets, gas exploration and production, and research and technology development.
Novatek produces gas and condensate in Russia’s Yamal-Nenets Autonomous Region. Last December, it started up the first of three planned LNG trains, with capacities of 5.5 million tonnes/year each, at its Yamal LNG plant in the Russian Arctic, (OGJ Online, Dec. 6, 2017).
“Novatek’s strategy envisages rapidly growing our LNG production and attracting international partners,” said Leonid Mikhelson, chairman of the company’s management board in a statement announcing the MOU.
Officials of the Russian and Saudi governments have been discussing cooperative investment as their countries lead efforts by the Organization of Petroleum Exporting Countries and a group of 10 cooperating nonmembers to limit oil production in support of crude oil prices (OGJ Online, Feb. 19, 2018).