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NOVATEK and Fortum Sign Memorandum of Understanding

Source: www.gulfoilandgas.com 11/18/2010, Location: Asia

OAO NOVATEK has announced that the President and CEO of Fortum Corporation, Tapio Kuula, and NOVATEK’s CEO, Leonid Mikhelson, have signed a Memorandum of Understanding, which confirms the Parties’ commitment to cooperate on projects that increase energy efficiency.

The signed Memorandum provides the following key business priorities:
1. Development of new gas fired electrical and thermal power generation capacities by Fortum Corporation;
2. Sustainable resource supplies to Fortum’s electrical and thermal power generation facilities on a long-term basis; and
3. Joint participation in investment projects within the Russian Federation to improve regional energy efficiency.

Fortum Corporation is one of Europe’s leading energy companies with operations focused primarily on the Nordic countries, Russia and Baltic Rim area. Its businesses consist of combined heat and power generation facilities and their delivery and sale to end-customers as well as operational and technical services for power plants. In 2009, Fortum’s total revenues amounted to 5.4 billion EURO while income from operations totalled 1.8 billion EURO. Fortum has approximately 11,500 employees and its shares are traded on the NASDAQ, OMX and Helsinki exchanges.

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