NOVATEK concludes long-term LNG contract with ENGIE

Jun 03, 2015 12:00 AM

NOVATEK has announced that Novatek Gas & Power, a wholly owned trading subsidiary of NOVATEK, concluded a long-term contract with ENGIE (formerly GDF SUEZ) on the supply of LNG from the Yamal LNG project.

The 23-year contract stipulates annual supply of one (1) million tons of LNG from the volumes that Novatek Gas & Power will purchase from Yamal LNG according to the previously signed contract. The LNG will be supplied FOB Montoir-de-Bretagne (the western coast of France), where it will be transferred to the LNG vessels of the ENGIE’s fleet.

Chairman of the Management Board of NOVATEK, Leonid Mikhelson stated: 'Signing another long-term binding agreement on LNG supply from the Yamal LNG Project ensures well balanced LNG sales portfolio and contributes to closing the Project’s external financing. ENGIE is a reliable partner, and we expect that this cooperation will enable us to gain additional expertise in LNG marketing'.

Gerard Mestrallet, Chief Executive Officer of ENGIE, declared: 'The signature of this SPA is a great achievement for ENGIE and NOVATEK. These volumes will complement and diversify ENGIE long term supply portfolio. They will allow us to address the growing LNG demand, as well as our customers concern for a reliable, environmental-friendly energy'.

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