PAO Novatek and Japan Oil Gas & Metals Natl, or JOGMEC, on Sept. 10 signed a memorandum of understanding outlining the two firms' intent to explore opportunities to cooperate on various projects in the upstream and liquefaction business.

Under the memorandum, the two companies will study opportunities to cooperate on Novatek's projects in Yamal and Gydan peninsulas in Russia and on developing a regular transport link to markets in Japan and the Asia-Pacific region via the North Sea route. The two firms will also explore marketing prospects for the Asia-Pacific region.

"Japan is one of the most significant global LNG markets, and we expect further expansion of cooperation in this area which will facilitate the development of trade and economic relations between our countries," Novatek's Chairman of the Management Board Leonid Mikhelson said.