PAO NOVATEK announced that as part of today’s Saint-Petersburg International Economic Forum, its wholly owned subsidiary, NOVATEK Gas & Power Asia Pte. Ltd., and an affiliate of Glencore signed a Heads of Agreement (“Agreement”) for the long-term supply of LNG from the Arctic LNG 2 project.

The Agreement established the key commercial terms for the long-term supply in excess of 0.5 million tons of LNG per annum from the Arctic LNG 2 project. The LNG will be delivered to a number of locations in East Asia.

“The market for LNG in the Asia Pacific region has fully recovered from the impact of the coronavirus pandemic and has now resumed a stable growth phase”, noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “This Agreement is consistent with NOVATEK’s commercial strategy to build a sustainable LNG sales portfolio including both end customers and portfolio players in the Asia Pacific market, with LNG delivered all-year-round along the Northern Sea Route”.