PAO NOVATEK and H-Energy Global Ltd, India signed a multi-faceted memorandum of understanding (MOU) while at the Eastern Economic Forum.
The MOU covers joint interests in liquified natural gas (LNG) terminals and NOVATEK to provide LNG to India over the long-term. Additionally, the MOU will allow for a joint venture to sell LNG in Bangladesh, India and surrounding areas. Further, the two companies will work together for mid-stream projects like regasification terminals and pipelines.
“The Memorandum of Understanding is an important step towards entering the end customer market in India, which is of great interest to NOVATEK taking into account our strategic plans to implement new LNG projects and significantly increase our LNG production volumes,” stated Leonid Mikhelson, Chairman of the Management Board at NOVATEK.
The CEO of H-Energy, Dr. Darshan Hiranandani commented, “H-Energy is excited to partner with NOVATEK in Arctic LNG 2, to participate in and bring supplies to the downstream customers in India and Bangladesh through its terminals in Jaigarh, Kakinada, Haldia and its two pipelines Jaigarh to Mangalore and Kannai Chatta to Shrirampur ensuring safe, reliable and economic supply chain from gas field to burner tip.”