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Russia’s NOVATEK sells 20% stake in Yamal LNG to China’s CNPC

January 14, 2014, 19:25 UTC+3 MOSCOW
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MOSCOW, January 14. /ITAR-TASS/. Russia’s biggest independent natural gas producer NOVATEK has closed a deal on selling a 20 percent stake in Yamal LNG Co. to China National Oil and Gas Exploration and Development Corporation, or CNODC, a subsidiary of China National Petroleum Corporation (CNPC), according to a NOVATEK press released made public on Tuesday.

The deal was approved by the Russia, European and Chinese regulators in December 2013.

Now, NOVATEK holds a 60 percent stake in Yamal LNG, Total has 20 percent of shares, and CNPC - also 20 percent.

The Yamal LNG projects provides for the construction of a natural gas liquefying facility with a projected capacity of 16.5 million tonnes of liquefied natural gas a year at the South Tambey gas field in the Yamal Peninsula. The field’s proved probable reserves are estimated at 907 billion cubic metres. The project provides for the development of transport infrastructure, including the construction of a sea port and an airport near the settlement of Sabetta in the northeast of Yamal. The project is being implemented by Yamal LNG Co. Aggregate investments in the project are estimated at 26.9 billion U.S. dollars. The first production line is to be commissioned in 2017.

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