Novatek signs 10-year gas deal

摘要

Russia's Novatek has signed a 10.5-year contract to supply a total 50 billion cubic meters of gas to Russia-based steelmaker Magnitogorsk Iron & Steel Works (MMK) until the end of 2022. Novatek will deliver around 2.3 Bcm of natural gas during the second half of 2012 to MMK, with volumes expected to be increased to 4.5 Bern in 2013. It said the ground-breaking deal with MMK would enable both to establish and implement their production plans "on a mutually beneficial basis over a long-term perspective." Novatek began to supply natural gas to MMK with an annual volume of 500 million cu m/year in 2003.