Novatek signs Arctic LNG China deals
Russian gas supplier to send more cargoes to China, but this time to an independent importer and a provincial state-owned group
Russian gas firm Novatek has signed two deals with Chinese importers for volumes from its Arctic LNG 2 project. The first, an SPA with Chinese independent ENN, is for 0.6mn t/yr and will run for 11 years, although neither party has specified a start date. The second agreement will see Novatek ship 1mn t/yr to state-owned Zhejiang Provincial Energy Group for 15 years. ENN has led the way among Chinese independents in the LNG market, bypassing the state-owned entities that account for the bulk of China’s sizeable imports. The company signed a 13-year, 900,000t/yr deal with the US’s Cheniere last October. Novatek is building a storage and transshipment hub in Kamchatka in Russia’s Pacific Far
Also in this section
25 April 2024
Some companies with assets in Israel have turned towards Egypt as tensions escalate, but others are holding firm despite rising tensions
24 April 2024
But even planned exploration activity is unlikely to reverse declining output from mature fields
23 April 2024
Cheaper Russian barrels and lower overall crude prices have helped cut key oil consumer’s import bills in election year
22 April 2024
Pursuing three different goals as part of the same package may mean achieving none of them