Russian independent gas producer Novatek has signed a Memorandum of Understanding (MoU) with Marubeni on strategic cooperation in the upstream and midstream Arctic LNG 2 project in Russia as well as the supply of LNG, shipping arrangements, gas related infrastructure projects and transactions of other liquid hydrocarbons. The Arctic LNG project would be a follow up of the 16.5 Mt/year Yamal LNG project, whose first 5.5 Mt/year train is expected to be commissioned in late 2017. The Arctic LNG project would also have a liquefaction capacity of 16.5 Mt/year and would be commissioned by 2025.
Novatek has also signed a credit line facility with the Japan Bank for International Cooperation (JBIC) for US$209m for the development of its Yamal LNG project, along with two MoUs with Mitsui and Mitsubishi, to pursue strategic cooperation for implementing LNG projects in Russia and supplying LNG and liquid hydrocarbons.
In addition, Mitsubishi has signed a strategic cooperation agreement with Gazprom, to strengthen their cooperation in energy and non-energy activities. Mitsubishi already owns a 10% stake in the 9.6 Mt/year Sakhalin II LNG plant, operated by Gazprom with a 50% stake.