NOVATEK and HMS Group sign Memorandum on Localizing Fabrication of LNG Equipment
PAO NOVATEK and HMS Group signed a Memorandum on Strategic Partnership and Localizing the Fabrication of Critical Equipment for LNG Production, NOVATEK says in a press release.
The Memorandum notes the results already achieved on developing medium-tonnage compressor equipment. According to the Memorandum, the Parties intend to pursue long-term cooperation to localize the fabrication of compressors, pumps, and other equipment for NOVATEK’s LNG projects.
“The HMS Group has already fabricated and shipped compressor equipment for the Yamal LNG project’s Train #4, which is unique for the Russian industry. We see great prospects in further developing our mutual cooperation with the HMS Group on domestically manufactured equipment for our LNG projects,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “One of the Company’s main priorities is utilizing the technological and infrastructure capabilities of Russian domestic enterprises to reduce construction costs and enhance the competitiveness of NOVATEK’s future LNG projects”.
PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project. 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 mainly 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 15% 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”.