Support The Moscow Times!

Novatek Mulls Global Cooperation With Italy's Eni

Russia's second-largest gas producer, Novatek, is considering the possibility of developing gas shelves off Montenegro, Lebanon and Cyprus jointly with Italian oil and gas group Eni.

Novatek, co-founded by Gennady Timchenko, a close ally of President Vladimir Putin, and Eni signed a memorandum in late November envisaging preliminary agreements to develop these fields, but no tenders have been yet announced, Novatek head Leonid Mikhelson told journalists Tuesday, Interfax reported.

Novatek, along with Eni, Serbia's NIS — which is owned by Gazpromneft — France's Total, Norway's Statoil, Italia's Edison and other firms declared their interest in developing Montenegro's shelf as early as the start of 2011.

Last year, Eni and Korean Kogas, in a 80-20 percent consortium, won licences for geological exploration on three shelf blocks off Cyprus.

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.