Novatek Gas & Power Asia and the international company Repsol announced the start of cooperation in the supply of liquefied natural gas (LNG). The agreement provides for cooperation for 15 years.

The agreement was signed within the framework of the International Conference on Liquefied Natural Gas (LNG) in Shanghai. The document provides for the annual supply of 1 million tons of LNG from the Arctic LNG 2 project, as well as from other NOVATEK projects.

"The signing of this agreement allows the company to increase its presence in the markets of the Iberian Peninsula, where Russian pipeline gas is not supplied," the company's press service quotes Novatek Lev Feodoseyev, first deputy chairman of the board.

The key gas consumers in the countries of the Iberian Peninsula are Spain and Portugal. In both countries, there are Repsol units, and the company also has a wide network of offices around the world.