Novatek closes in Saudi Aramco deal on Arctic LNG 2 project


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Novatek closes in Saudi Aramco deal on Arctic LNG 2 project

On Sunday, the 17th of March 2019, the Chief Executive of Russian Gas giant, Novatek, Leonid Mikhelson said that he had been in talks with Saudi Oil Minister, Khalid al-Falih, over Novatek’s Arctic LNG 2 project and added that an integration deal with Saudi Aramco on arctic gas LNG 2 project was expected to be announced soon.

Expressing optimism over a probable deal next month, Mikhelson said, “We are in talks with Saudi Aramco (on the Arctic LNG 2 project). I think we will get something concrete in the coming months”. Apart from that, the Novatek CEO had also added that global LNG prices would less likely to change after the launch of the Arctic gas project, which had the potentiality to make Russia world’s no.

1 LNG producer, surpassing the output of Qatar, the present global leader in LNG production. Besides, over the sidelines of a meeting among OPEC (Organization of Petroleum Exporting Countries), a 28-member pact of petroleum producing nations, alongside representatives of other major oil exporting nations in Baku, Mihelson also said that the concept of a so-called “gas OPEC”, an unofficial organization of global leading producers of natural gas, would have strengthened the global energy market.