Baltic LNG facility located on the Baltic Sea. File Image / Pixabay
PAO Novatek says its Baltic LNG joint venture with Gazprombank, Cryogas-Vysotsk, has commenced full-scale production.
"Cryogas-Vysotsk is our first medium-scale LNG project." said Leonid Mikhelson, Novatek's Chairman of Management Board.
"Our marketing strategy provides for loading of bunkering vessels, small wholesale LNG sales, and LNG sales as motor fuel to the Baltics, Scandinavia and North-Western Europe markets. Natural gas used as transport fuel reduces carbon emissions and complies with new environmental standards such as the sulfur emissions reductions mandated by IMO 2020. We see potential to expand our commercial presence in this developing LNG market segment."
The facility is located in the port of Vysotsk on the Baltic Sea and has an initial design capacity of 660,000 tons of LNG per annum along with 42,000 m3 of LNG storage.
Novatek is Russia's second largest natural gas producer.