Novatek Divests 10% Stake to Total In Arctic LNG 2 Project in Russia

摘要

Moscow-Novatek has completed the sale to Total SA of a direct 10% interest in Arctic LNG 2,a liquefied natural gas(LNG)project planned for Russia(PCN,2 July 2018,p 4).Arctic LNG 2 will involve three 6.6-million-t/y liquefaction trains on concrete gravity-based structures in the Gulf of Ob.A final investment decision is to be taken in the second half of this year,with plans to start up the first train in 2023.Considering Total's 19.4% stake in Novatek and Novatek's intention to retain 60% of the project,Total's overall economic interest in the project will be about 21.6%.If Novatek decides to reduce its participation below 60%,Total will have the option to increase its direct share to 15%.