PAO NOVATEK announced today that its wholly owned subsidiary, NOVATEK Gas & Power Asia Pte. Ltd., and Shenergy Group signed a long-term LNG Sales and Purchase Agreement (“SPA”) for the LNG produced from the Arctic LNG 2 project.
The SPA stipulates the cumulative supply of more than three (3) million tons of LNG for a term of 15 years and will be delivered to LNG terminals in China on DES basis.
“Our LNG commercial strategy is to diversify our client base and target end consumers in the fast-growing Asian Pacific region, and the LNG volumes produced from our Arctic LNG 2 project is core to our long-term objective of delivering affordable, secure and sustainable natural gas for many decades,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “The Chinese market is one of the key regions in our LNG marketing strategy, and we plan to further increase our supplies of liquefied natural gas to this country.”