Russia's Novatek, Thai PTT Sign Memorandum on Upstream, LNG

Reuters

MOSCOW, May 18 (Reuters) - Russia's No. 2 gas producer Novatek and Thailand's largest energy company PTT Pcl signed a memorandum of understanding on Wednesday which foresees joint exploration and development of hydrocarbons and supplies of liquefied natural gas.

Novatek, where France's Total holds a 18.64 percent stake, plans to launch the Yamal LNG project next year with a view to producing 16.5 million tonnes of frozen gas annually.

The company has said that almost all of the future gas from the project has been presold already.

Russian companies have been exploring ways to increase their global exposure and have made forays into new markets amid Western sanctions over Moscow's role in Ukrainian crisis.

Rosneft, Russia's largest oil company, is expected to sign a framework agreement with Indonesia's Pertamina later this week.

(Reporting by Olesya Astakhova; writing by Vladimir Soldatkin; editing by Dmitry Solovyov)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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