Novatek to ramp up capital investment

摘要

RUSSIAN independent Novatek is planning a significant increase in capital investments this year as it lays the ground for its second liquefied natural gas project in the country and readies the start-up of a major gas development in West Siberia later this year. Chief financial officer Mark Gyetvay said the company plans to invest 185 billion roubles ($2.85 billion) this year as it expedites work at an LNG module construction yard near Murmansk and continues capital spending on Arctic LNG 2 and the North-Russkoye cluster of fields, among other development projects. Gyetvay has acknowledged that Novatek's capital spending grew to 96 billion roubles last year against 31 billion roubles in 2017, as the company looks to reverse output declines at legacy onshore fields and step up its LNG supply. Alhough Novatek has yet to finalise the partnership make-up at Arctic LNG 2 or make a final investment decision on the project, the company is building a dedicated yard in Kola Bay, near Murmansk.