Novatek closes sale of 10% in Arctic LNG-2 to France’s Total

MOSCOW, Mar 7 (PRIME) -- Russian independent gas producer Novatek has closed a deal to sell a 10% stake in the Arctic LNG-2 (liquefied natural gas) project to French energy company Total, Novatek said late on Wednesday.

As a result of the deal, Novatek’s stake in the project fell to 90%, it said.

The Arctic LNG-2 plant will be launched in 2022–2025 and fields of the Gydan Peninsula in the north of West Siberia will become its resource base. The cost of the plant is U.S. $27 billion. The facility is expected to produce 19.8 million tonnes of LNG per year.

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