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Novatek to consider sale of up to 30% in Arctic LNG 2 project to Saudi Aramco

Chief Executive Officer Leonid Mikhelson pointed that the company expects a good cooperation under favorable terms

Novatek Chief Executive Officer Leonid Mikhelson Mikhail Metzel/TASS

Novatek Chief Executive Officer Leonid Mikhelson

© Mikhail Metzel/TASS

BAKU, March 17. /TASS/. Novatek is ready to consider sale of up to 30% in Arctic LNG 2 project to Saudi Aramco in case of favorable terms, Chief Executive Officer of Russia’s gas producer Leonid Mikhelson told reporters on Sunday.

"They [Saudi Aramco representatives] are considering such a stake [of up to 30%]," he said.

Asked how Novatek views that partnership, Mikhelson said that the company expects a good cooperation under favorable terms. "If things work out [it] will consider," he said.

Moreover, CEO noted that on the operating project Yamal LNG (all three main gas liquefaction trains have been commissioned), the company has reduced spot supplies volumes, whereas on long-term contracts they are growing: their share is expected to reach the highest level by the end of the first or the beginning of the second quarter of 2020.

"They (spot supplies) are already declining, each three months they decline. Long-term contracts will fully enter into force roughly at the end of Q1 or the beginning of Q2 of 2020," he said.

Arctic LNG 2 is Novatek’s second LNG project with the capacity of 19.8 mln tonnes. It is scheduled for commissioning in 2022-2023. The Russian company has already closed the deal to sell a 10% stake in the project to France’s Total. Companies from Japan, South Korea and Saudi Arabia are also interested in acquiring a share in the plant.

Fruitful talks

Mikhelson has discussed Saudi Aramco’s potential participation in the Arctic LNG 2 project with Saudi Arabia’s Minister of Energy, Industry and Mineral Resources Khalid al-Falih.

"[The meeting] also focused on Arctic LNG 2, we are in talks with Saudi Aramco. Fruitful negotiations are underway, and I think that we will get to specifics in coming months," he told reporters on Sunday, adding that Novatek is ready to consider sale of up to 30% in the project to Saudi Aramco.

Arctic LNG 2 is Novatek’s second LNG project with the capacity of 19.8 mln tonnes. It is scheduled for commissioning in 2022-2023. The Russian company has already closed the deal to sell a 10% stake in the project to France’s Total. Companies from Japan, South Korea and Saudi Arabia are also interested in acquiring a share in the plant.

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