Russia's Novatek Plans To Double Investments To $6.4Bln In 2020 - CEO

MOSCOW (UrduPoint News / Sputnik - 26th December, 2019) Russian energy giant Novatek is planning to invest 400 billion rubles ($6.4 billion) in 2020, twice the amount that was invested this year, CEO Leonid Mikhelson said on Wednesday.

The deputy chairman of the management board, Mark Gyetvay, said in July that the company raised its investment forecast for the 2019 fiscal year to 200 billion rubles from the previously projected 185 billion rubles.

"We are somewhat stable, taking into account, of course, our joint ventures � Yamal LNG and Arctic LNG 2. We have large investments, and we have our own investments in Murmansk [a center for construction of super-large marine facilities].

The total volume of investments is somewhere around 400 billion rubles, taking into account the share in our joint ventures," Mikhelson told reporters, when asked about Novatek's investment plan for next year.

In October 2018, Novatek's focus shifted to liquefied natural gas, specifically through the Arctic LNG 2 and Yamal LNG projects. Earlier this month, the gas giant opened its first LNG filling station in Europe � in the German eastern port city of Rostock � in order to provide clean-burning fuel for cargo trucks.