Zhejiang Energy Signed an Agreement to Take Shares in Yakutsk Gas Project

Source: www.gulfoilandgas.com 1/19/2022, Location: Asia

A-Property and Zhejiang Energy International Limited (a subsidiary of Zhejiang Energy Group, a 100% state-owned company in Zhejiang Province) signed indicative terms of a deal for the sale of 10% stakes in the companies of the Yakutsk gas project - YATEK PJSC and Globaltek LLC ".

Under the preliminary terms of the deal, A-Property will take over the overall management of the project, including design, construction and operational management. In turn, the Chinese side will provide LNG supplies to the Chinese market under an offtake contract.

The Yakutsk gas project at the current stage of implementation has received an estimate of 5 billion euros. The total value of the deal could reach 500 million euros. The deal is scheduled to close in October 2022.

“The Asia-Pacific countries are the target sales direction for the Company as part of our long-term strategy. The Chinese gas market is one of the most promising and fastest growing. Following the climate agenda, our LNG will become one of the most environmentally friendly in the industry, which fits into China's strategy to achieve carbon neutrality by 2060,” said Albert Avdolyan, shareholder of A-Property.

Zhejiang is a coastal province in China with strong economic growth and a planned increase in natural gas consumption by 2025, creating a unique market opportunity to expand Zhejiang Energy's gas supplies, incl. implementation of upstream projects. Taking into account Zhejiang Energy's historical interest in the Russian gas market, it is expected that cooperation between Zhejiang Energy and A-Property will be as fruitful and synergistic as possible for the parties.

PJSC "YATEK" annually increases the resource base through exploration work at existing fields and in new exploration areas, acquires promising undeveloped licensed areas. As part of a large-scale exploration program, the Company continues exploration at the Northern, Southern and Maisky blocks in the Republic of Sakha (Yakutia).

In the third quarter of 2022, reserves are expected to increase to 567 billion cubic meters. m. The potential of the resource base by 2025 will grow to 1 trillion cubic meters. m, which is sufficient support for the implementation of the Yakutsk gas project.


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