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NOVATEK & TMK Sign Memorandum on Strategic Partnership and Cooperation

Source: www.gulfoilandgas.com 6/6/2019, Location: Asia

As part of today’s Saint-Petersburg International Economic Forum, PAO NOVATEK (“NOVATEK” and/or the “Company”) and PAO TMK (“TMK”) signed a Memorandum on Strategic Partnership and Cooperation (“Memorandum”).

The Memorandum establishes the basic principles and approaches to supply TMK’s casing and tubing production to NOVATEK. The document is valid until the end of 2023 to ensure production efficiency, timeliness and reliability of supplies.

“TMK is a reliable tubular products supplier for our projects,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “The Memorandum raises our mutually beneficial cooperation to a new level and establishes a transparent mechanism for pricing and production capacity reservation. This approach is especially important given our plans to implement large-scale projects in the Arctic region and maximize the participation of Russian producers”.

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