MOSCOW: PAO NOVATEK and HMS Group signed a Memorandum on Strategic Partnership and Localizing the Fabrication of Critical Equipment for LNG Production.

The Memorandum notes the results already achieved on developing medium-tonnage compressor equipment. According to the Memorandum, the Parties intend to pursue long-term cooperation to localize the fabrication of compressors, pumps, and other equipment for NOVATEK’s LNG projects.

“The HMS Group has already fabricated and shipped compressor equipment for the Yamal LNG project’s Train #4, which is unique for the Russian industry. We see great prospects in further developing our mutual cooperation with the HMS Group on domestically manufactured equipment for our LNG projects,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board.

“One of the Company’s main priorities is utilizing the technological and infrastructure capabilities of Russian domestic enterprises to reduce construction costs and enhance the competitiveness of NOVATEK’s future LNG projects”.

Edited by Kiran Khan