Saudi Aramco, Russia's NOVATEK sign MoU to collaborate globally on natural gas projects
According to the MoU, Saudi Aramco and NOVATEK agreed to collaborate internationally on natural gas projects, including LNG supplies, development of LNG markets, gas exploration and production projects, as well as research and technology development.
PAO NOVATEK (NOVATEK) signed a memorandum of understanding (MoU) with Saudi Aramco.
According to the MoU, the parties agreed to collaborate internationally on natural gas projects, including LNG supplies, development of LNG markets, gas exploration and production projects, as well as research and technology development.
Leonid Mikhelson, chairman of management board, NOVATEK, said: “We see a wide array of exciting and mutually beneficial energy opportunities to cooperate with Saudi Arabia. Our company owns one of the world’s largest high-quality, low-cost conventional gas reserve base and has gained unique and valuable experience of developing LNG projects in the Russian Arctic area.”
“NOVATEK’s strategy envisages rapidly growing our LNG production and attracting international partners, and, accordingly, we welcome the interest of such a globally important company as Saudi Aramco to jointly collaborate with us in gas markets,” added Mikhelson.
NOVATEK is one of the largest independent natural gas producers in Russia. Founded in 1994, the company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons.
NOVATEK’s upstream activities are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 16% of the world’s gas production.