The decision on Arctic LNG 2, with a planned annual capacity of 19.8 million metric tons, would also be a boon to Russia's aim to compete with the world's top producers, including the US and Australia.
Mumbai: Mumbai-based realtor Hiranandani Group-promoted H-Energy on Wednesday signed an agreement to buy liquefied natural gas (LNG) from Russian gas producer Novatek on a long-term contract as it looks to meeting energy needs of Asia's third-largest economy.
India on Wednesday invited Russian companies to invest in its oil refining and petrochemical projects as the two nations vowed to increase energy cooperation going beyond LNG supplies and stakes in Russian oil and gas fields. Capital expenditures to launch the project at full capacity is estimated at US$21.3 billion equivalent.
Novatek CEO Leonid Mikhelson was quoted saying that India is one of the largest and fast-growing natural gas markets, and the country is set to establish itself as one of the major growth drivers of the global LNG demand in the coming years.
"We are confident that the accumulated construction experience, state-of-the-art technologies, proven logistics solutions and partnerships with best-in-class worldwide companies will ensure the effective implementation of our new LNG project", Mikhelson continued. "Our long-term strategy is to develop our vast low-priced hydrocarbon resources on the Yamal and Gydan peninsulas, as well as to maximize our cost competitiveness across LNG markets". The installation of three concrete gravity-based structures in the Gulf of Ob on each of which will likely be located a 6.6 Mt/y liquefaction train will add to significant CAPEX discount (over 30% per ton of LNG) compared to Yamal LNG.
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Both projects are notable milestones in Russia's strategy to secure an additional 10 percent of the global LNG market within the next 10 years.
Novatek, founded in 1994 and traded on the Moscow and London stock exchanges, owns 60 percent of the Arctic LNG 2 project.
Novatek became Russia's largest independent natural gas producer following the launch two years ago of its first Arctic LNG plant in the Yamal Peninsula.
Russian Federation will significantly increase supply of liquefied natural gas (LNG) to boost LNG imports to India so as to promote India's bid to transform itself into a gas based economy. The company is principally engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons, according to its website.