Russian independent Novatek is planning a significant increase in capital investments this year as it lays the ground for its second liquefied natural gas project in the country and readies the start-up of a major gas development in West Siberia later this year.
Chief financial officer Mark Gyetvay said the company plans to invest 185 billion roubles ($2.85 billion) this year as it expedites work at an LNG module construction yard near Murmansk and continues capital spending on Arctic LNG 2 and the North-Russkoye cluster of fields, among other development projects.
