As part of today’s 21^st Saint Petersburg International Economic Forum, PAO NOVATEK signed a Memorandum of Understanding regarding a special investment contract with the Ministry of industry and trade and the Murmansk Region Government, says NOVATEK.

According to the Memorandum, the parties intend to sign a tripartite special investment contract on creating a center for the construction of large-scale offshore structures in Belokamenka, located in Murmansk region.

The Chairman of NOVATEK’s Management Board Leonid Mikhelson noted: "To efficiently develop our vast resource base in the Far North, decrease construction cost and increase the competitiveness of our future LNG-project, it is very important to create a center to construct large-scale offshore structures in Russia. With the construction of the Kola Yard we plan to meet the challenge of maximizing the localization of production of LNG-plants based on the gravity-based structures, readymade for producing LNG”.

PAO NOVATEK is one of the largest independent natural gas producers in Russia. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company’s upstream activities are concentrated in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 16% of the world’s gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation. The Company’s shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol «NVTK».

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