NOVATEK signs deal to construct LNG carriers for Yamal LNG project

OAO NOVATEK, an independent gas producer in Russia, on June 20 said it has signed a cooperation agreement with OAO Sovcomflot and Vnesheconombank on the construction of two LNG carriers for Yamal LNG project.

Under the cooperation agreement, Vnesheconombank will consider financing the construction of two LNG tankers, while Sovcomflot confirms its interest in operation of these tankers as a bare-boat charterer and a technical manager.

LNG tankers will be built at one of the world’s leading shipyards selected during the tender with the delivery of these tankers scheduled for 2016.

Yamal LNG project envisages the construction of an LNG plant with annual capacity of 16.5 million tons per annum based on the feedstock resources of the South-Tambeyskoye field.

According to the PRMS reserve standards, the proven and probable reserves of the South-Tambeyskoye field as of December 31, 2012, were appraised at 907 billion cubic meters of natural gas. The project also requires the construction of transport infrastructure including a sea-port and an airport located at Sabetta, north-east of the Yamal Peninsula.

NOVATEK currently owns 80% stake in Yamal LNG with TOTAL 20% in the project.