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bne Invest
April 5, 2019 www.intellinews.com I Page 13
terinburg and Tyumen, and cutting of net debt. The company launched 13 new projects last year and opened new markets. The total commissioned area in the 102 new buildings was 2.5mn sqm, which is 16.8% more than in 2017 (2.14mn sqm).
PIK is Russia’s biggest real estate company following its merger with another player Morton became the industry favourite, the founder and
Russia's Novatek lines up more deals for Arctic LNG-2
Russia's second-largest gas producer with ambitious liquefied natural gas (LNG) strategy Novatek lined up another two companies for its upcoming Arctic LNG-2 project. Novatek signed a supplies deal with trader Vitol and Spanish energy major Repsol, the company said on April 2.
Arctic LNG 2 is Novatek’s second LNG project with the capacity of 19.8mn tonnes. It is scheduled for commissioning in 2022-2023. The Russian com- pany has already closed the deal to sell a 10% stake in the project to France’s Total.
Apart from reported negotiations with Saudi Ara- mco, companies from Japan and South Korea are also interested in acquiring a share in the plant.
CEO Sergey Gordeev explained to bne IntelliNews in an exclusive interview “The PIK of Russian real estate”.
PIK, among with other major players such as Etalon and LSR, is also well-poised for most recent regulatory changes in the industry, which is likely to benefit large companies enjoying economies of scale and access to financing.
Now both Vitol and Repsol closed a 15-year supplies deal for 1mn tonnes of LNG from Arctic LNG 2 and is supposed to pass through Novatek's two new connection terminals in the Murmansk region for its Western delivery route and Kamchatka peninsula for its Eastern destinations.
Novatek launched its first major LNG project Yamal in 2017 despite Western sanctions against its shareholder and influential Kremlin insider and stoligarch Gennady Timchenko. The company has also adopted an ambitious strategy for LNG growth through 2030 and is now lining up a tanker transportation strategy to back it up.