OAO NOVATEK has announced that during the St. Petersburg International Forum the company has signed a cooperation agreement with, OAO Sovcomflot and Vnesheconombank on the construction of two LNG carriers for Yamal LNG project.

According to the cooperation agreement, Vnesheconombank will consider financing the construction of two LNG tankers, and 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 tonnes 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 31 December 2012 were appraised at 907 billion cubic metres 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).

Yamal LNG is currently owned by NOVATEK (80%) and TOTAL (20%).

OAO NOVATEK is Russia’s largest independent gas producer and the second-largest natural gas producer in Russia. Founded in 1994, the company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The company’s upstream activities are concentrated in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 90% of Russia’s natural gas production and approximately 17% of the world’s gas production. NOVATEK is an open joint stock company established under the laws of the Russian Federation.