Novatek doesn’t plan to develop trading business in global scale

Novatek has no plans to develop a trading business "on a global scale", but retains plans on joint work with Gunvor on trading in Europe, the company’s head of Leonid Mikhelson reported to journalists during the World Petroleum Congress.

"We don’t intend to develop the trading business on a global scale and won’t develop spot trading before the start of the production at the Yamal LNG project," - said Mikhelson. He also added that “is not the best time” to buy trading assets in Europe. "We are ready to consider economically viable options to buy trading assets, but the European Union doesn’t have a clear energy strategy. Today, no one can say clearly how the gas market in Europe will develop. For a long time they talked about the need to reduce CO2 emissions, to avoid the risks of nuclear energy,the introduction of green power generation. But at the same time we see a sharp increase in the use of coal, - said Novatek’s head.

As the ITAR-TASS reported, in May that Novatek confirmed its interest in buying trading assets in Europe. "The company is interested in acquisition of assets that are engaged in gas trading in Europe," - said Mikhelson.