Novatek Completes Sale of Yamal LNG Stake to CNPC

Russia's Novatek announced Tuesday that it has closed the sale of a 20-percent stake in the Yamal LNG Project to a subsidiary of China National Petroleum Corporation.

Following the completion of the deal Novatek will retain a 60-percent interest in the project, while France's Total and CNPC will each hold 20 percent. As part of the deal, CNPC will reimburse Novatek for a proportion of the costs that the Russian company incurred in the past.

Novatek Chairman Leonid Mikhelson commented in a company statement:

"The closing of the deal with CNPC is the culmination of our hard work and collective efforts. Our partners in Yamal LNG are now two well-established international companies with extensive expertise in the execution of large-scale oil and gas projects. We believe that the current shareholder structure of Yamal LNG allows us to successfully and timely complete the Project which has already entered into the active construction stage."



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  GLA is 'Single Accumulation', Largest ... (Mar 27)
 -  Software Developer Mltech Completes Fi... (Mar 27)
 -  Aberdeen City Council Lifts Finance Ba... (Mar 27)
 -  Shell to Sell Gabon Onshore Assets for... (Mar 24)
 -  Industry Pros Gather for Offshore Achi... (Mar 24)


Most Popular Articles

From the Career Center
Jobs that may interest you
Project Manager, USA
Expertise: Project Management
Location: United States
 
QC Inspector
Expertise: QA / QC / Inspection
Location: Plaquemine
 
Financial Analyst - Finance and Investor Relations
Expertise: Accounting|Financial Analyst|Legal
Location: Dallas, TX
 
search for more jobs

Brent Crude Oil : $50.8/BBL 0.47%
Light Crude Oil : $47.97/BBL 0.56%
Natural Gas : $3.08/MMBtu 0.98%
Updated in last 24 hours