Chinese firms seeking stakes in Yamal LNG, Novatek

4/29/2013

Chinese firms seeking stakes in Yamal LNG, Novatek

MOSCOW -- Chinese energy companies that are in talks with OAO Novatek about a stake in a LNG project in the Arctic -- Yamal LNG -- also want a stake in the Russian gas producer, Gennady Timchenko, a major shareholder in Novatek, reported.

"There are Chinese firms that want to buy Novatek shares. They are all asking, but we don't have any shares available. We would have to sell our own, and we don't want to," Interfax news agency quotes Mr. Timchenko as saying.

Novatek, Russia's largest non state gas producer owns 80% of Yamal LNG in Russia's Arctic. Total holds the remaining 20%. The project is expected to produce its first gas in 2017, with a peak annual capacity of 16.5 MMmt.

Dow Jones Newswires

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