OAO NOVATEK and OAO Gazprom signed an agreement within the Memorandum of Cooperation providing for the establishment of a joint venture to increase LNG production on the Yamal Peninsula and to use the infrastructure built on the Peninsula. The agreement defines the schedule for the establishment of the joint venture.

In April 2012, Gazprom and NOVATEK signed the Memorandum of Cooperation (valid through 1 February 2013), providing for the possibility to establish a joint venture to increase LNG production capacity on the Yamal Peninsula.

Until the end of the year it is scheduled to approve a comprehensive program for project implementation, including the main project features and deadlines, as well as the timescale for the final investment decision-making, the financial scheme and the terms of financing.

Tags: Gazprom, NOVATEK