Support The Moscow Times!

Novatek, Braskem Ink Deal

Novatek, Russia's top nonstate natural gas producer, has won a deal to supply naphtha to Brazilian group Braskem from its Baltic terminal of Ust-Luga.

Novatek said Thursday that it would supply Braskem with up to 1 million tons of naphtha from Ust-Luga in 2013.

The company, which aims to double annual natural gas production to more than 100 billion cubic meters by 2020, is constructing a processing complex at Ust-Luga that is set to handle up to 6 million tons of gas condensate a year to produce naphtha, diesel, jet fuel and heating oil.

Novatek, controlled by chief executive Leonid Mikhelson and Gunvor co-owner Gennady Timchenko, is pursuing plans to widen its customer base. It signed a deal in July to trade natural gas to German utility EnBW.

(Reuters)

Related articles:

Read more

We need your help now more than ever.

Independent media outlets and journalists in Russia are being increasingly targeted with “foreign agent” and “undesirable” labels, threatening the existence of the free press day by day.

Your donation to The Moscow Times directly supports the last independent English-language news source within Russia.