Novatek, Russia’s largest liquefied natural gas (LNG) producer, will supply Indian companies including Deepak Fertilisers and Petrochemicals Corporation Ltd. (Deepak Fertilisers) with LNG and low-carbon ammonia following a non-binding Memorandum of Understanding (MoU) signed between the two firms.
The deal aims to deliver spot and long-term LNG supply to Deepak Fertilisers, including from the Arctic LNG 2 project – a major Russian LNG project with a production capacity of 19.8m tonnes per year.
The partners also intend to explore the long-term supply of low-carbon hydrogen and ammonia produced with the use of carbon capture and storage (CCS), cracking and renewable energy sources at Novatek’s planned Yamal gas chemical site.
Citing the development of a ‘mutually beneficial energy cooperation’ between Russia and India, Leonid Mikhelson, Chairman of the Management Board at Novatek, suggested that its ‘high-quality low-cost’ resource base will allow the company to supply competitive LNG with minimal carbon footprint to India’s energy market.
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