NOVATEK, Mitsui and JOGMEC signed the agreement of sale and purchase of a share in the project “Arctic LNG 2”

In the presence of President of the Russian Federation Vladimir Putin and Prime Minister of Japan Shinzo Abe the company “NOVATEK” and the consortium of Mitsui & Co and the Japan Oil, Gas and Metals National Corporation JOGMEC signed the agreement of sale and purchase of a share in the project “Arctic LNG 2”. Participation in the project also provides for purchase by the Japanese participants of LNG in the amount of about 2 million tonnes per year from “Arctic LNG 2” on the long-term basis. The transaction is expected to close in the near future after obtaining of necessary regulatory approvals. The information was given to the news agency “Sever-Press” in the press-service of the company.  

“We welcome entry of Mitsui and JOGMEC into the project “Arctic LNG 2”, said Leonid Mikhelson, the chairman of the board of “NOVATEK”. – “Importing LNG during 50 years, Japan is one of its largest consumers. Japanese companies have extensive experience in fulfillment of LNG projects and selling of LNG worldwide. Participation of the Japanese partners in the project “Arctic LNG 2” will contribute to its successful implementation”.

The project “Arctic LNG 2” provides for construction of three stages on production of liquefied natural gas (LNG) with the capacity of 6 million 600 thousand tonnes per year each on gravity-based structures (GBS). The project is fulfilled on the resource base of Utrenneye field. On the state on the 31^st of December of 2018 the proved and probable reserves of Utrenneye field, according to PRMS standards, made 1138 milliard cubic meters of natural gas and 57 million tonnes of liquid hydrocarbons. According to the Russian classification, the reserves of the field made 1978 milliard cubic meters of natural gas and 105 million tonnes of liquid hydrocarbons. “Arctic LNG 2” owns the license for export of LNG.