Report: CNPC not to raise stake in Russia’s Yamal LNG

MOSCOW, May 8 (PRIME) -- Gennady Timchenko, the co-owner of Russia's second largest gas producer Novatek, said on Friday China National Petroleum Corp (CNPC) did not plann to increase its stake in the Yamal LNG project, Reuters reported.

"It does not plan to increase any share," Timchenko told Reuters. Asked if Novatek was in talks with others, he said: "It is not clear as yet. We are talking to many (people)."

CNPC owns a 20% stake in the Yamal project along with France's Total. Novatek holds 60%.

The Yamal LNG project envisages the construction of a U.S. $27 billion 16.5 million tonne LNG plant. The first plant’s production line is expected to be launched in 2017.

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