Novatek LNG venture launches
Novatek’s joint venture with Gazprombank Cryogas-Vysotsk has commenced full-scale production of LNG.
Cyrogas-Vysotsk is a medium-tonnage LNG project located in the Port of Vysotsk, in the Leningrad Region of Russia on the Baltic Sea. The project’s initial design capacity is 660,000 tonnes of LNG per annum, and its infrastructure includes a 42,000 cubic metre LNG storage tank and an offloading berth designed to handle LNG carriers with a capacity of up to 30,000 cubic meters.
“Cryogas-Vysotsk is our first medium-scale LNG project.” noted Leonid Mikhelson, chairman of Novatek’s management board.
“Our marketing strategy provides for loading of bunkering vessels, small wholesale LNG sales, and LNG sales as motor fuel to the Baltics, Scandinavia and North-Western Europe markets.
“Natural gas used as transport fuel reduces carbon emissions and complies with new environmental standards such as the sulfur emissions reductions mandated by IMO 2020. We see potential to expand our commercial presence in this developing LNG market segment”.
NOVATEK acquired a 51% participation interest in Cryogas-Vysotsk project in July 2017.
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