Sinopec, Novatek eye gas-marketing venture

Another Chinese national oil company is showing interest in Russian LNG projects.

Sinopec signed a heads of agreement with Novatek and Gazprombank on formation of a joint venture to market LNG and natural gas to end-users in China.

Earlier, CNOOC Ltd. and a subsidiary of China National Petroleum Corp. signed agreements to acquire 10% interests each in Novatek’s planned Arctic LNG 2 liquefaction plant on the Gydan Peninsula in the Russian Arctic (OGJ Online, Apr. 25, 2019).