Glencore and NOVATEK sign Heads of Agreement on LNG Supply
Glencore is pleased to announce as part of yesterday’s Saint Petersburg International Economic Forum (SPIEF) that one of its affiliates and NOVATEK Gas & Power Asia Pte. Ltd have signed a Heads of Agreement (“Agreement”) for the long-term supply of LNG from the Arctic LNG 2 project.
The Agreement establishes the key commercial terms for the long-term supply in excess of 0.5 million tons of LNG per annum. The LNG will be delivered to a number of locations in East Asia.
Ivan Glasenberg, CEO of Glencore, noted:
“We are pleased to sign this Heads of Agreement with Novatek, one of the leading LNG producers globally. Delivering long-term LNG supply into Asia is one example of how we are supporting our customers’ energy transition journey.”
Alex Sanna, CEO of Oil Marketing, commented:
“This transaction is another building block in our LNG marketing business. LNG remains one of the key growth pillars of our strategy and we will continue to assess the exciting opportunities we see in the market.”