Russian natural gas producer Novatek said on Monday it had completed the sale of stakes in its Arctic LNG-2 project to China’s National Petroleum Corporation, CNOOC and the Japan Arctic LNG consortium.
Novatek has now reached its target for participation in the project, meaning it can make a final investment decision and use cash for other projects, it said.
Novatek will hold a 60% stake in the project, with Total, CNPC CNPET.UL, CNOOC and Japan Arctic LNG each holding 10%, it said.
The Japan Arctic LNG consortium comprises Mitsui & Co and Japan Oil, Gas and Metals National Corporation.
Source: Reuters.com