Glencore and NOVATEK sign Heads of Agreement on LNG Supply
Baar, Switzerland / St. Petersburg, Russia
2 June 2021
Glencore is pleased to announce as part of today’s Saint Petersburg International Economic Forum (SPIEF) that one of its affiliates and NOVATEK Gas & Power Asia Pte. Ltd have signed a Heads of Agreement (“Agreement”) for the long-term supply of LNG from the Arctic LNG 2 project.
The Agreement establishes the key commercial terms for the long-term supply in excess of 0.5 million tons of LNG per annum. The LNG will be delivered to a number of locations in East Asia.
Ivan Glasenberg, CEO of Glencore, noted:
“We are pleased to sign this Heads of Agreement with Novatek, one of the leading LNG producers globally. Delivering long-term LNG supply into Asia is one example of how we are supporting our customers’ energy transition journey.”
Alex Sanna, CEO of Oil Marketing, commented:
“This transaction is another building block in our LNG marketing business. LNG remains one of the key growth pillars of our strategy and we will continue to assess the exciting opportunities we see in the market.”
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Notes for Editors
Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 responsibly-sourced commodities that advance everyday life. The Group's operations comprise around 150 mining and metallurgical sites and oil production assets.
With a strong footprint in over 35 countries in both established and emerging regions for natural resources, Glencore's industrial activities are supported by a global network of more than 30 marketing offices. Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore's companies employ around 135,000 people, including contractors.
Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative. Our ambition is to be a net zero total emissions company by 2050.