MOSCOW, Jan. 11 (UPI) -- Russian energy company Gazprom said it set up a joint venture with independent gas producer Novatek for the production of LNG from the Yamal Peninsula.
"The joint venture will carry out pre-front end engineering and design studies, elaborate project documents, work out a plan for the liquefied natural gas plant construction and a joint program for development of the fields where the company will act as an operator for the facilities development and arrangement," Gazprom said in a statement.
The companies signed a memorandum of understanding on LNG cooperation in April.
Gazprom officials in October met with authorities in the Yamal-Nenets area to launch production from the regional Bovanenkovo gas field in the Russian arctic. Gazprom estimates the field could produce as much as 4 trillion cubic feet of natural gas by 2017 and eventually account for 25 percent of the gas monopoly's output.
Greenpeace campaigners expressed concern about the project.
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