Russia’s natural gas producer Novatek has signed an agreement of intent on implementing a project for the construction of a marine LNG transshipment complex in the territory of Kamchatka.
“The construction of the Kamchatka transshipment complex will increase the efficiency of LNG deliveries from the Arctic zone by optimizing transport logistics,” Leonid Mikhelson, NOVATEK’s Chairman of the Management Board, said.
The deal, signed with the Ministry of the Russian Federation for Development of the Far East and the Government of Kamchatka Territory, provides for Novatek’s investment in the amount of around RUB 70 billion (USD 998.5 million).
“We plan to create a Russian LNG hub for shipments to consumers in the Asia-Pacific region. This investment will contribute to the development of the Northern Sea Route allowing for the optimal use of the existing Arctic tanker fleet.
“The project will give an additional impetus to the economy of the Far East, create additional jobs and facilitate gasification of Kamchatka by using the boil-off gas from the LNG transshipment complex,” Mikhelson explained.