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."
WHAT DO YOU THINK?
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.
- Oil CEOs Jostle for Global Natgas Crown Under Putin's Gaze (Oct 04)
- Uganda Expects to Miss Target for First Oil (Sep 24)
- Total Joins Tullow-operated Block Offshore Guyana (Sep 13)
Company: CNPC more info
- CNPC Plans Internal Consolidation To Fast-Track Gas Storage Upgrade (Jun 01)
- Total at Risk of Losing Gas Field Stake to CNPC If It Quits Iran (May 07)
- China's CNPC Sells First Gasoline To Americas As Fuel Stocks Hit Record (Apr 03)
Company: Novatek more info
- Thick Sea Ice Blocks LNG Exports From Russia's Arctic Plant (Jun 21)
- Les Echos: Novatek CEO Says He Believes Total Will Join Arctic LNG 2 (Apr 25)
- Russian LNG Exporter Warns Against 'Vilifying' Country's Gas (Mar 16)