Pavilion Energy and Novatek agree to strengthen their LNG partnership
Leonid Viktorovich Mikhelson, Chairman of the Management Board of PAO NOVATEK ("NOVATEK") and Frédéric Barnaud, Group CEO of Pavilion Energy, have met to celebrate their first LNG transaction though the Northern Sea Route and agree on next steps for expanding their LNG partnership in the areas of LNG supply, trading, logistics and optimisation.
In the context of fast-rising LNG demand in Asia, the agreement they signed today combines Pavilion Energy's strength to connect markets and supplies with NOVATEK's growth plans through cost-competitive LNG projects. The agreement provides for Pavilion Energy to evaluate a potential participation in and offtake from NOVATEK's Arctic LNG 2 project. Both companies will further collaborate on marketing, swaps and trading as well as joint investments and commercial arrangements for shipping and transshipment facilities.
"Our partnership with NOVATEK will reinforce Pavilion Energy's strategic supply portfolio", said Frédéric Barnaud, Group CEO of Pavilion Energy, "and accelerate our expansion, thriving regionally and globally from our solid anchor in Singapore."