A joint venture between PAO NOVATEK (“NOVATEK”) and Fluxys, signed a Land Lease Agreement with the Rostock Port for construction of a mid-scale LNG transshipment terminal located in the port of Rostock in Germany.
Joint venture will design, construct, finance, own and operate a mid-scale LNG transshipment terminal (the “LNG Terminal”) with capacity of approximately 300 thousand tons per annum in the port of Rostock. The LNG Terminal will receive LNG carriers from the Cryogas-Vysotsk liquefaction facility that NOVATEK is currently constructing in the port of Vysotsk located near the Saint-Petersburg area and further LNG deliveries to the consumer market will be made via trucks. The LNG Terminal will also have an option of bunkering and loading of bunkering vessels.
“One of our LNG strategic initiatives is to develop small- to medium-tonnage projects to target niche markets and customer segments.” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board, “This approach allows us to build effective marketing channels on different markets. Moreover, the LNG Terminal at Rostock allows us to market LNG as a marine fuel and motor fuel instead of diesel and fuel oil that will contribute to decreasing emissions and improving the environment.”