Novatek Co-owner Says CNPC Not Planning to Increase Stake in Yamal

Reuters

MOSCOW, May 8 (Reuters) – Gennady Timchenko, the co-owner of Russia's second largest gas producer Novatek, said on Friday China National Petroleum Corp (CNPC) was not planning to increase its stake in the Yamal LNG project.

"It does not plan to increase any share," Timchenko told Reuters. Asked if Novatek was in talks with others, he said: "It is not clear as yet. We are talking to many (people)."

CNPC owns a 20 percent stake in the Yamal project along with France's Total.

(Reporting by Vladimir Soldatkin, writing by Elizabeth Piper, editing by Katya Golubkova)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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