Russian giant gas company, Novatek, has begun discussions with Saudi Aramco around Arctic LNG 2 project, Reuters reported.

The talks were between Leonid Mikhelson, Novatek’s CEO and Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia, where they are expected to settle on an agreement soon.

“We are in talks with Saudi Aramco [on the Arctic LNG 2 project]. I think we will get something concrete in coming months,” Mikhelson said.

Mikhelson added that he did not think that the global prices of liquefied natural gas (LNG) will change after launching the project.