Zheneng & Novatek Formally Signed LNG Purchase & Sale Agreement

Source: www.gulfoilandgas.com 1/17/2022, Location: Asia

Zhejiang Energy and Natural Gas Group Co., Ltd., a subsidiary of Zhejiang Energy Group, announced that it signed a long-term purchase and sale agreement for liquefied natural gas (LNG) with Novatek Asia Gas Power Co., Ltd., a wholly-owned subsidiary of Novatek. The agreement implements the purchase and sale framework agreement (HOA) signed by the two parties during the St. Petersburg International Economic Forum in Russia on June 2, 2021. The agreement stipulates a maximum supply of 1 million tons of LNG per year for a period of 15 years.

The gas source purchased this time comes from the Arctic LNG 2 project (Arctic LNG 2), which is located in the western part of the Karahagdan Peninsula in Russia. And 90 million tons of liquid reserves, it is the second large-scale integrated natural gas development project in the Arctic. The LNG will be delivered to Zheneng's LNG terminal in China through the "Ice Silk Road" (Arctic Seaway), which is the first time Zheneng Gas Group's overseas LNG resources have entered the "Arctic Circle", which will further consolidate the global natural gas resource pool , continue to enhance the strength of natural gas supply guarantee for Zhejiang Province, and have the ability to serve the regional development strategy and the overall situation of the country.

Zheneng Automatic Control has several LNG receiving stations, which will have a cumulative annual receiving capacity of nearly 10 million tons of LNG after completion.

It is understood that Russia continues to be China's largest source of energy imports. For a long time, the enterprises of the two countries have deepened energy cooperation and achieved win-win development, demonstrating the broad development potential of the China-Russia comprehensive strategic partnership of coordination in the new era. Under the "dual carbon" goal, the demand in China's natural gas consumption market has grown strongly, and the cooperation between Zheneng and Novatek has broad prospects. Zheneng Group attaches great importance to expanding the opening up of the energy sector, effectively coordinating domestic and international energy resources, promoting high-quality joint construction of the "Belt and Road", and striving to achieve energy security under the conditions of opening up, and better secure energy jobs.

It is reported that Novatek is the largest independent natural gas producer in Russia, and entered the global LNG market in 2017 when the Yamal project was put into operation. Founded in 1994, the company is dedicated to the exploration, production, processing and sales of natural gas and condensate.


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