Novatek signs deals to sell 10% in Arctic LNG-2 to CNPC, CNOOC

ST. PETERSBURG, Jun 7 (PRIME) -- Russian independent gas producer Novatek has signed deals to sell 10% in its U.S. $27 billion liquefied natural gas (LNG) project Arctic LNG-2 to China’s CNPC and CNOOC each, Novatek said in two statements on Friday.

“As part of today’s Saint Petersburg International Economic Forum, Novatek announced that it has signed the share purchase agreement with wholly owned subsidiary of China National Petroleum Corporation (CNPC) in relation to the sale of a 10% participation interest in the Arctic LNG-2 project,” the company said.

In another statement, Novatek announced a similar deal with CNOOC.

Both deals will be closed very soon after they receive necessary regulatory approvals in China and Russia, the company 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 facility is expected to produce 19.8 million tonnes of LNG per year.

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