Points to Remember:
- Hiranandani Group’s H-Energy has signed an agreement to buy Liquefied Natural Gas (LNG) from Russia’s Novatek on a long-term basis.
- The deal was announced hours after PM Narendra Modi arrived in Russia.
- Besides investing in each other’s LNG projects, Novatek and H-Energy plan to set up a joint venture to market Russian LNG in India, Bangladesh and other markets.
- The company, however, did not disclose the quantity of gas signed.
- H-Energy has built LNG terminals in Jaigarh (Maharashtra), Kakinada (Andhra Pradesh) and Haldia (in West Bengal).
- Novatek is Russia’s second-largest natural gas producer, and the seventh-largest publicly traded company globally by natural gas production volume.
- The company was originally known as OAO FIK Novafininvest.
- Founder: Leonid Mikhelson
- Founded: August 1994
- Headquarters: Tarko-Sale, Russia
- Subsidiaries: Arctic LNG 2, Northgas, Arktikgaz, Arctic LNG 3, etc.
Important Possible questions based on above News:
- Who has signed an agreement to buy Liquefied Natural Gas (LNG) from Russia’s Novatek on a long-term basis? H-Energy
- LNG company, Novatek belongs to which country? Russia