Insight Conversation: Mark Gyetvay, Novatek

Mark Gyetvay, CFO and deputy chairman of the management board at Novatek, visited S&P Global Platts for an interview with senior writer for LNG, Lucie Roux. Novatek is a Russian independent gas producer known for its Yamal LNG terminal, launched in 2017, and now for its Arctic LNG projects. Last may at the Flame conference you said Novatek aims to increase production to 70 million metric tons/year by 2030. Where is the market going to be for those volumes? Are you still seeing Asia as your main market? Yes, the plan is to increase shipments to the Asian pacific market. That essentially gives us the opportunity, given the demand growth we see in in Asia, to increase our output from roughly about 57 million mt/year to approximately 70 million mt/year by the year 2030. Are the current low LNG price and low JKM-TTF spread causing issues for your existing buyers? Not necessarily. I would say that if we look at pricing today, it actually benefits companies like Novatek who are a low cost producer. What we see in a low price environment is actually an opportunity to increase demand in certain geographical regions that are extremely price sensitive. For example,… continue reading

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