Novatek lines up Glencore for Arctic LNG-2 supplies
Russian LNG exporter Novatek has reported reaching a heads of agreement (HoA) to deliver more than 0.5mn metric tons/year of LNG to commodities trader Glencore from its Arctic LNG-2 project.
Novatek said on June 2 it would supply the gas to a number of locations in East Asia. The announcement was made less than an hour after Novatek reported signing a HoA for the supply up to 1mn mt/yr of LNG to China's Zhejiang Energy, also from Arctic LNG-2 under a 15-year contract.
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Novatek said the proposed contract with Glencore would be long term, without specifying its exact duration.
"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," Novatek CEO Leonid Mikhelson said. "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."