NOVATEK & Fortum Sign MOU on Renewable Power
As part of Saint-Petersburg International Economic Forum, PAO NOVATEK and European energy company Fortum signed a Memorandum of Understanding on
As part of Saint-Petersburg International Economic Forum, PAO NOVATEK and European energy company Fortum signed a Memorandum of Understanding on cooperation in renewable power. The MOU envisages that NOVATEK, including the Cryogas-Vysotsk LNG project in particular, will purchase electricity produced by Fortum’s renewable power facilities in Russia. Using green energy produced by wind farms owned by Fortum and its joint ventures at the Company’s LNG plant in Vysotsk will enable NOVATEK to offer its LNG customers a more sustainable product with a reduced Scope 2 carbon footprint (purchased electricity).
Cyrogas-Vysotsk is a medium-tonnage LNG project located in the port of Vysotsk, Leningrad Region of Russia on the Baltic Sea. The LNG is mainly exported to the countries of the Baltic Sea Region, including Finland, Sweden, Lithuania and Estonia. The project’s design capacity is 660 thousand tons of LNG per annum, and its infrastructure includes a 42 thousand cubic meters LNG storage tank and an offloading berth designed to handle LNG carriers with a capacity of up to 30 thousand cubic meters. NOVATEK acquired a 51% participation interest in Cryogas-Vysotsk project in July 2017.