Russian Novatek to Promote Murmansk Investment

Russian independent gas producer and LNG exporter Novatek signed May 27 a long-term co-operation agreement to promote social and economic development in the region of Murmansk, it said. Murmansk, a major port on Russia's Arctic coast west of the Yamal Peninsula, is to be home to an LNG research and construction base.

CEO Leonid Mikhelson and Murmansk governor Andrey Chibis agreed to work together in creating a "favourable investment climate and attracting investments to the Murmansk region." It covers healthcare and education, social and medical infrastructure, and sports, culture and arts activities.

Novatek is building an LNG transhipment terminal in Murmansk to enable the more economic use of its winterised tankers that ship LNG to Europe from the Yamal and – eventually – Gydan peninsulas.

Novatek is also building an LNG construction centre. “This represents not only an investment in the future of the Russian gas industry and the creation of new technologies, but also the development and economic vitality in the Murmansk region. We pay special attention to sustainable development in the regions where we operate by creating new jobs, improving local infrastructure and implementing social programs aimed at increasing the living standards of the people,” Mikhelson said.