- Home
- Business
- News
- Russian Energy Giant Novatek Says Signed Deal Localizing Production of LNG Equipment
Russian Energy Giant Novatek Says Signed Deal Localizing Production Of LNG Equipment
Umer Jamshaid 1 year ago Mon 30th September 2019 | 09:32 PM

Russia's second largest gas producer, Novatek, has signed an agreement with HMS Group, a Moscow-based engineering company, on the localization of the production of liquefied national gas (LNG) equipment, Novatek said on Monday in a statement
"NOVATEK... and HMS Group signed a Memorandum on Strategic Partnership and Localizing the Fabrication of Critical Equipment for LNG Production... The Memorandum notes the results already achieved on developing medium-tonnage compressor equipment. According to the memorandum, the parties intend to pursue long-term cooperation to localize the fabrication of compressors, pumps, and other equipment for NOVATEK's LNG projects," the statement read.
Leonid Mikhelson, the chairman of Novatek's management board, said that the deal would lower the cost of constructing LNG terminals.
Novatek entered the LNG business in 2017 with the large-scale Yamal project, followed by the Arctic LNG 2 project. Director-General of Arctic LNG 2 Oleg Karpushin said in May that the plant's first line that will liquefy natural gas would be put into operation in the first quarter of 2023.
Recent Stories

Computer skill test of RMC's clerical staff to be ..

Brussels backs EU-wide vaccination certificates

Wheat quota of three flour mills suspended

Guards hired for foolproof security of Lahore Gene ..

9th to 12th grade classes to resume from Jan 18; d ..

PML-N, PPP assembly members meet Chief Minister
More Stories From Business
-
Oil major Total quits US lobby group over climate
27 minutes ago -
Gold rates in Karachi on Friday 15 Jan 2021
35 minutes ago -
Gold prices remain unchanged at Rs112,900 per tola 15 Jan 2021
41 minutes ago -
Pakistan Stock Exchange loses 58 points to close at 45,931 points 15 Jan 2021
45 minutes ago -
20 new E&P blocks to bring over $71 mln investment: PD
1 hour ago -
KPT ships movement, cargo handling report
2 hours ago -
PDWP approves Rs 1.442b development schemes
3 hours ago -
Markets struggle after Biden unveils huge stimulus plan
4 hours ago -
UK eyes 10-billion-pound bilateral trade potential with Pakistan
4 hours ago -
Govt increases POL prices again
4 hours ago -
UK man offers Covid millions to search dump for bitcoin bounty
4 hours ago -
Berlin Is Ready to Discuss Sanctions Against Nord Stream 2 With New US Administration
4 hours ago
Education - Urdu News - Car Prices - Breaking News - English News - Live Tv Channels - Urdu Horoscope - Horoscope in Urdu - Muslim Names in Urdu - Urdu Poetry - Love Poetry - Sad Poetry - Prize Bond - Mobile Prices in Pakistan - PTV Sports - English to Urdu - Big Ticket - Translate English to Urdu - Ramadan Calendar - Prayer Times - DDF Raffle - Islamic Calendar - Events - Today Islamic Date - Travel - UAE Raffles - Travel Guide - Arabic - Urdu Cooking Recipes - Directory - Pakistan Results - Past Papers - BISE - Schools in Pakistan - Academies & Tuition Centers
UrduPoint Network is the largest independent digital media house from Pakistan, catering the needs of its users since year 1997. We provide breaking news, Pakistani news, International news, Business news, Sports news, Urdu news and Live Urdu News
© 1997-2021, UrduPoint Network
All rights of the publication are reserved by UrduPoint.com. Reproduction without proper consent is not allowed.