CNPC acquires 20% stake in Yamal LNG


CNPC acquires 20% stake in Yamal LNG

ST. PETERSBURG -- Novatek signed a deal Friday to sell a 20% stake in its arctic liquified natural gas project to state-owned China National Petroleum Corporation.

Under the deal, CNPC will receive long-term supplies from the Yamal LNG project, a pioneering venture that would transport LNG by tanker along Russia's arctic coast. The project is currently jointly owned by Novatek, which has an 80% stake, and French oil company Total, with 20%.

No details of the agreement were immediately available at the signing ceremony.

Russian energy giant Rosneft has signed deals with two Japanese firms to deliver LNG from 2019 from the plant it intends to build on Russia's Pacific coast with ExxonMobil.

Gazprom has long held a monopoly on gas exports, but has been slow to develop LNG capacity. Novatek and Rosneft are pushing for the right to export LNG to the lucrative Asian market.

Rosneft has signed a deal with Sodeco to deliver 1 MMt of LNG from 2019, and has agreed a deal with Marubeni to deliver 1.25 MMt of LNG from 2019.

Dow Jones Newswires

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