During the Eastern Economic Forum in Vladivostok, Russian independent natural gas producer PAO Novatek and India’s H-Energy Global Ltd signed a memorandum of understanding (MOU) to co-operate on long-term LNG supplies to India
The wide-ranging MOU also envisions co-operation between the two companies with through investment in the LNG import terminals of H-Energy and LNG projects of Novatek and establishing a joint venture to market LNG and natural gas from Novatek’s portfolio to end-customers in India, Bangladesh and other markets.
H-Energy said the two companies will also endeavor to work together on future LNG projects, mid-stream assets like LNG reloading and regasification terminals, cross-country pipelines, and small-scale LNG and L-CNG infrastructure.
H-Energy chief executive Darshan Hiranandani said, “H-Energy is excited to partner with Novatek in Arctic LNG-2, to participate in and bring supplies to the downstream customers in India and Bangladesh through its terminals in Jaigarh, Kakinada, Haldia and its two pipelines Jaigarh to Mangalore and Kannai Chatta to Shrirampur ensuring a safe, reliable and economic supply chain from gas field to burner tip.”
At the Eastern Economic Forum, Novatek also announced its FID on the US$21.3Bn Arctic LNG-2 project, which will be located on Gydan Peninsula, in the Russian Arctic Circle. The project will have three trains with a total nameplate capacity of 19.8 mta. The first train is set to be commissioned in 2023, followed by the second in 2024 and third in 2026.
In 2018, India’s top LNG suppliers were Qatar (11.61M tonnes), Nigeria (3.04M tonnes), Angola (1.72M tonnes), Australia (1.49M tonnes) and Oman (1.07M tonnes).
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