Can Novatek lure Aramco to Arctic LNG-2?
Closer Russia-Saudi relations could bring new investment
Russian gas producer Novatek wants to entice Saudi Aramco to become a partner in Arctic LNG-2, after successfully launching production at Yamal, its first liquefied natural gas project, late last year. Novatek, Russia's largest independent natural gas producer, signed a memorandum of cooperation with Aramco in February related to the LNG-2 project on the Kara Sea coast, without disclosing any details. Their home countries of Russia and Saudi Arabia have been instrumental in implementing a global pact on cutting oil production by almost 1.8m barrels a day—cooperation that could provide a favourable backdrop for further collaboration. Analysts are speculating that Aramco is negotiating with No
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