Novatek says TotalEnergies paid $5 mln for 10% in LNG transshipment

MOSCOW, Jul 28 (PRIME) -- France’s TotalEnergies paid around U.S. $5 million in July for acquisition of a 10% stake in Arctic Transshipment, a unit of Russian independent gas producer Novatek for transshipment of liquefied natural gas (LNG), and it may pay up to $20 million more, Novatek said in a report on Wednesday.

“In June 2021, the Group and TOTAL E&P Transshipment SAS, a subsidiary of TotalEnergies SE, entered into an agreement for acquisition by TOTAL E&P Transshipment SAS of a 10% participation interest in Arctic Transshipment, that will operate two LNG transshipment terminals currently under construction in the Kamchatka and Murmansk regions,” the report read.

The deal was closed after the reporting date in July, and the unit of TotalEnergies paid 368 million rubles, or an equivalent of $5 million, “as well as potential payments in the amount of up to $20 million equivalent subject to certain events in the future,” Novatek said.

End %%md/jst%%