Novatek Announces First LNG to India

Russian independent gas producer Novatek has announced its first LNG shipment to India.

The company’s Swiss-based subsidiary Novatek Gas and Power Asia said March 27 it has shipped to the Indian market its first LNG cargo produced by the Yamal LNG project. Its statement did not say where the cargo had been delivered, to whom or when.

Novatek's first deputy CEO Lev Feodosyev said that growing and diversifying the Asian markets that it serves is a priority for the company: “The first cargo delivered to the growing Indian market is an important development step in this direction.”

Novatek also said March 27 that its CEO Leonid Mikhelson had met Chinese shipowner Cosco Shipping’s chairman Xu Lirong to review “the good co-operation record on the Yamal LNG Project and agree to expand the mutual cooperation in scope and depth, especially to expand the dialogue on Arctic transportation collaboration.” Cosco partners Japanese shipping operator MOL in the supply and operation of ice class and conventional tankers.

Separately, Total said March 27 that it and China's Hubei High Tech had provisionally agreed to invest about $50mn each in a new technology business start-up, Cathay Smart Energy Fund. Following the closing of the deal, others will join to bring the fund up to $250mn.  The fund will be managed by Franco-Chinese investment fund Cathay Capital Private Equity, which was founded in 2006. Total is a junior partner, alongside Novatek, in the $27bn Yamal LNG venture.