Novatek plans to sell another 10% in Arctic LNG-2 project and keep 60%


MOSCOW, April 26. /TASS/. Russian independent gas producer Novatek plans to sell another 10% in Arctic LNG-2 before making an investment decision on this project, retaining 60% as a result, Mark Jetway, Deputy Chairman of the company’s Board of Directors told a conference call.

«We are planning to sell 10% in the project,» he said.

According to Jetway, the deal may be closed in the near future. As a result, the company will accumulate the share of 60%.

On Thursday, Chinese companies CNOOC and CNODC, controlled by Chinese oil and gas company CNPC, signed a binding agreement with Novatek on joining the Arctic LNG-2 project. Each of these companies will be 10%. Earlier, France’s Total received the same share in the project. That means that Novatek has determined the three investors with an aggregate share of 30% of the project.

The Arctic LNG 2 is the second project of Novatek for production of liquefied natural gas. It is scheduled to start operations in 2022-2023 on the base of Gydan fields. Its capacity will be about 19.8 mln tonnes of LNG per year.

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