Gazprom, Novatek Sign Deal On LNG Joint Venture

Law360, New York (January 10, 2013, 2:52 PM EST) -- Russia's state-backed gas giant Gazprom OAO and Novatek OAO, the country's biggest independent producer, on Thursday officially launched a joint venture to produce liquefied natural gas on the Yamal peninsula in the Arctic.

The companies will jointly develop gas fields and build an LNG plant to liquefy and export the gas. Currently, Gazprom has a monopoly on gas exports from the country, but Novatek has petitioned the Russian government for permission to sell off the Yamal gas abroad.

Gazprom said the companies will sketch out the...
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