Under the agreement, NOVATEK will supply light naphtha produced at its Ust-Luga Gas Condensate Transshipment and Fractionation complex in 2013.
NOVATEK management board first deputy chairman Mikhail Popov said, "The contract with YNCC is another step in the expansion of customer portfolio for the Ust-Luga Complex guaranteeing sustainability of our integrated production chain."
Yeochun Naphtha Cracker Center executive VP Paul Y Joo stated, "NOVATEK has already worked out reliable logistics of product supplies to South Korea, and we are confident in the security of supply of the required volumes of naphtha as a feedstock for our production."
The Ust-Luga complex located on the Baltic Sea has facilities for transshipment and fractionation of stable gas condensate and can process up to six million tons of gas condensate every year to produce light and heavy naptha.
In addition, the complex can also produce diesel, jet fuel and heating oil as well.
The company is currently proceeding with commissioning tests at the first stage which has a capacity to process three million tons of gas condensate per annum.
Second stage construction work of the complex has already begun.
