Vitol, the worlds largest independent energy trader, has signed a preliminary liquefied natural gas supply agreement with Russia�s Novatek in the latest deal involving a trading house in the burgeoning market for the supercooled fuel.The heads of agreement envisages concluding a 15-year contract with annual supply of 1m tonnes of LNG from Russia’s Arctic 2 plant expected to be launched in 2023, and other Novatek projects. When completed its three LNG trains are expected to produce around 20m tonnes a year. Repsol, the Spanish company, also signed a similar preliminary deal with Novatek on Tuesday.Vitol’s agreement with Novatek comes shortly after a meeting in Moscow last month between Russian President Vladimir Putin and leading UK-linked executives including Vitol chairman Ian Taylor as well as BP chief Bob Dudley and Glencore boss Ivan Glasenberg.
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