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A long-term natural gas supply contract was reached between Novatek and MMK.
The 10.5-year deal, which expires Dec. 31, 2011, will enable the delivery of an estimated 50 billion cu m of natural gas over the contract period. About 2.3 Bcm of natural gas will be delivered during the second half of 2012 to MMK, with volumes expected to be increased to 4.5 Bcm in 2013.
"The execution of the 10-year gas supply contract with MMK sets a new precedent in consumer-supplier relations, enabling both companies to establish and implement our respective production plans on a mutually beneficial basis over a long-term perspective,” Mikhail Popov, Novateks’ first deputy chairman of the management committee, said in a press release.