Novatek—the world’s sole LNG producer exporting from the Arctic region—will optimise its shipping operation to turn freight economics into its favour, according to a senior executive.
Due to harsh weather and icy sea conditions, shipping the Arctic LNG cargoes to consumers tends to cost more than those from other producers.
“We feel that is a disadvantage for us…we want to flip [it] around,” chief financial officer Mark Gyetvay, told the Oil and Money 2018 conference.
