Rosneft and Alltech Group have finalized an agreement for a joint venture for the production and monetization of gas reserves in the Nenets Autonomous Area, according to the Rosneft press service.

The joint venture includes production licenses for the Kumzhinskoye and Korovinskoye gas condensate fields, being the resource portfolio for the Pechora LNG project. According to preliminary estimates, the overall field reserves total about 165 billion cubic metres of gas.

"The joint venture will form the basis for the creation of a new high-technology gas production centre in the Nenets Autonomous Area, providing for the implementation of various upstream projects including refining, marketing and distribution to end customers. Our project will boost the region's investment potential, create new jobs and increase tax revenues," the press service reported.

Pechora LNG is a project to develop the Kumzhinskoye and Korovinskoye gas fields in the Nenets Autonomous Area, which includes creating a gas transportation infrastructure, building a natural gas processing plant, and an LNG plant in the village of Indiga.