Russia's Novatek Completes Deal to Sell Yamal LNG Stake

Reuters

MOSCOW, March 15 (Reuters) - Russia's No.2 natural gas producer Novatek said on Tuesday it has completed a deal to sell a 9.9 percent stake in the Yamal LNG project to China's Silk Road Fund for 1.09 billion euros ($1.2 billion).

After the deal, Novatek will hold 50.1 percent in Yamal LNG, which is due to start producing liquefied natural gas in 2017. France's Total, China's CNPC will retain 20 percent each.

The $27 billion project has been struggling to raise funds due to international sanctions against Russia over the crisis in Ukraine.

The Fund has already provided a loan worth 730 million euros ($804 million) for financing of the project as part of the transaction.

($1 = 0.8994 euros)

(Reporting by Olesya Astakhova; writing by Vladimir Soldatkin; editing by Jack Stubbs)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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



Most Popular Articles

From the Career Center
Jobs that may interest you
Laboratory Technician I
Expertise: Laboratory Ops / Tech|LNG|Oil Terminal / Storage Management
Location: Deer Park, TX
 
Petroleum Inspection Supervisor
Expertise: Marine Supervisor|Oil Terminal / Storage Management|Surveying
Location: Corpus Christi, TX
 
Petroleum Inspector Trainee
Expertise: Field Service Tech|Oil Terminal / Storage Management|Surveying
Location: Corpus Christi, TX
 
search for more jobs

Brent Crude Oil : $48.61/BBL 0.53%
Light Crude Oil : $48.62/BBL 1.12%
Natural Gas : $1.98/MMBtu 3.41%
Updated in last 24 hours