Novatek, one of Russia’s largest natural gas producers, and South Korea's Kogas gas corporation signed a memorandum of understanding on the joint development of the LNG business.
The memorandum provides for the possibility of Kogas entering the Arctic LNG 2 project and buying gas from the project, Novatek told the media. The document was signed during a meeting between Russian President Vladimir Putin and South Korean President Moon Jae-in.
Also, the Korean company can take part in Novatek’s project for building an LNG terminal in Kamchatka. In addition, cooperation in the field of LNG trade and optimization of logistics is expected.
As a reference, on May 24, 2018, Novatek and the French oil and gas company Total signed an agreement on the French company taking part in the Arctic LNG 2 project. Total will get 10% stake in the project. Novatek expects the deal to close in the first quarter of 2019.
