Monday, April 29, 2019

"China Buying Stake in Novatek’s Arctic LNG 2"

In Q3 2008 Gazprom got to third place on the worldwide market cap league tables (FT Global 500 had them at #4 in Q1 '08).
I'm starting to wonder how high up the leader board Novatek can climb.
Although far from the top ten or even the top 100, their pipes are a lot less leaky than Gazprom's.*

From World Maritime News, April 25:

Russian gas producer Novatek has entered into agreements with two Chinese companies, allowing them to buy into the Arctic LNG 2 project.
China National Oil and Gas Exploration and Development Company (CNODC), a subsidiary of China National Petroleum Corporation (CNPC), and China National Offshore Oil Corporation (CNOOC) will each acquire a 10 percent stake under the agreements signed at the Second Belt and Road Forum for International Cooperation in Beijing.

“The agreement is an important milestone in our Arctic LNG 2 project implementation as well as a continuation of our successful cooperation with CNPC,” noted Leonid Mikhelson, Novatek’s Chairman of the Management Board.

We are very glad that CNOOC has joined our Arctic LNG 2 project as our new partner, since China represents one of the key consuming markets for our LNG sales,” he said in a separate statement, adding that Arctic LNG 2 would be a game-changer in the global gas market....MORE
*November 2007:
Fixing Leaky Gas Pipes Seen as Next CO2 Grab