PAO Novatek said Sept. 10 that it signed an agreement of intent with Russian government bodies on implementing a project to construct a marine LNG transshipment complex in Kamchatka, Russia.
The agreement, which was signed with the Ministry for the Development of the Russian Far East and the Government of the Kamchatka Territory, states that Novatek will invest 70 billion Russian rubles in the project with the two government bodies intending to assist in the implementation.
"The construction of the Kamchatka transshipment complex will increase the efficiency of LNG deliveries from the Arctic zone by optimizing transport logistics," Novatek Chairman of the Management Board Leonid Mikhelson said.
Mikhelson said the project will not only contribute to the development of the North Sea route but will also facilitate gasification of the Kamchatka territory "by using the boil-off gas from the LNG transshipment complex."
As of Sept. 7, US$1 was equivalent to 69.51 Russian rubles.