- 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 Published September 30, 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.
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.