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April 2014

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LNG
02 June 2015 | by Gabor Chodkowski-Gyurics

ENGIE sings a long-term LNG contract with Novatek

ENGIE sings a long-term LNG contract with Novatek
Novatek, Russia's largest independent natural gas producer, concluded a long-term contract with French electric utility company ENGIE (formerly GDF Suez) on June 2 for the supply of LNG from Novatek’s Yamal LNG project. The contract stipulates annual supply of one million tons of LNG over 23 years. The companies did not disclose the price of the deal.

“These volumes will complement and diversify ENGIE’s long term supply portfolio. They will allow us to address the growing LNG demand, as well as our customers’ concern for a reliable, environment-friendly energy” Gerard Mestrallet, Chief Executive Officer of ENGIE, said in a statement.

Novatek’s co-owner, Gennady Timchenko, said on the same day that the Yamal LNG project would be finished despite company’s limited access to global capital markets due to economic sanctions.

A few days earlier, on May 28, Total’s Chief Executive Patrick Pouyanne said he expected lenders to unblock funds for the $27 billion Yamal LNG, in which the oil major has a 20% stake. The start of LNG production in the facility is planned for 2017.



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