NOVATEK plans to supply liquefied natural gas (LNG) from the Yamal Peninsula to Asia on the Northern Sea Route, Neftegaz.ru reported quoting Mark A. Gyetvay, NOVATEK’s Financial Officer.

"We plan to send a large LNG carrier to Asia along the Northern Sea route. If we succeed in doing this in cooperation with Modern commercial fleet (SovKomFlot), we might cut at least 30 percent of the delivery time to the Asia-Pacific market", Mr. Gyetvay was quoted as saying.

The Northern Sea route from the Yamal Peninsula to Asia, is as much as 4.000 nautical miles (7.4 thousand km.) shorter of the route through the Suez Canal. This could significantly save fuel costs, reduce travel time and dioxide emissions.

In an earlier report Eugene Ambrosov, the first Deputy Director of Sovkomflot had told about his company’s plan in cooperation with Novatek, Glencore and Atomflot Shipping Company Sovkomflot to launch a pilot freight line program along the Northern Sea Route to the East.

NOVATEK OJSC is Russia’s largest independent gas producer and the second-largest natural gas producer in Russia. The company is engaged primarily in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company’s shares are listed on the Russian Trading System (RTS) and the London Stock Exchange (LSE) under the ticker symbol ‘NVTK’ and on the NASDAQ PORTAL System as Rule 144A GDR under the ticker symbol “NVATY”.