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Novatek closes deal on LNG project stake sale to Total

Novatek and Total also agreed that the French company will be able to buy from 10-15% in all future LNG projects of the Russian gas producer on Yamal and Gydan peninsulas

MOSCOW, March 6. /TASS/. Novatek closed the deal on sale of a 10-percent stake in the Arctic LNG 2 project to France’s Total, the Russian gas producer said on Wednesday.

Achievement of the agreement was announced on March 5. Conditions of Total’s entry into the project include payment for the 10% participation interest and financing of the Arctic LNG 2 through contributions into capital.

Novatek and Total also agreed that the French company will have an opportunity to buy from 10% to 15% in all future LNG projects of the Russian gas producer on Yamal and Gydan peninsulas.

The Arctic LNG 2 is the second LNG project of Novatek. Its capacity will be 19.8 mln tonnes. The first train is scheduled to be launched in 2022-2023.