NOVATEK will open an office in China for LNG sales – Kommersant
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NOVATEK (MOEX: NVTK) will form a team with an office in China that will deal with gas marketing, Reuters reports, citing sources. According to them, the company took this step to find customers for the products of the new Arctic LNG-2 plant against the backdrop of US sanctions. It is assumed that the new team will be headed by the former manager of Gazprombank in China, Xu Jinhai.
Arctic LNG-2 is part of NOVATEK’s project to build LNG production lines. The capacity of each will be 6.6 million tons per year, the volume of stable gas condensate will be up to 1.6 million tons per year. All lines are planned to open by 2026. According to Reuters, the first tanker with Arctic LNG-2 will go to Asia at the end of January.
In November 2023, Arctic LNG 2 came under sanctions. In December NOVATEK warned clients about force majeure related to deliveries from Arctic LNG-2. After that, according to Kommersant, force majeure under their agreements in the project was announced by the foreign shareholders of the project – the French TotalEnergies, the Chinese CNPC and CNOOC, as well as the consortium of the Japanese Mitsui and JOGMEC.
Details – in the material “Kommersant” “Arctic LNG-2 is now on its own”.
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