Novatek, CNOOC ink Arctic LNG 2 stake deal

Novatek, CNOOC ink Arctic LNG 2 stake deal
Illustration purposes only (Image courtesy of Novatek)

China’s CNOOC has secured a 10 percent participation interest in Novatek’s second liquefied natural gas project, the Arctic LNG 2. 

Russia’s largest private natural gas producer said on Thursday a binding agreement for the acquisition of the 1o percent participation stake in the project was signed in Beijing.

The deal follows a similar agreement with CNPC unit, China National Oil and Gas Exploration and Development Company (CNODC), signed earlier today.

Commenting on the deal with CNOOC, Novatek’s head, Leonid Mikhelson said that CNOOC joining the Arctic LNG 2 project is a major step since China represents a key consuming market for the company’s LNG sales.

The Arctic LNG 2 project includes the construction of three LNG trains at 6.6 million tons per annum each, using gravity-based structure (GBS) platforms.

The Italian contractor Saipem, in a joint venture with Renaissance, a Turkish oil and gas services company, has been contracted to provide onshore engineering and construction the three liquefaction trains.

The project is based on the hydrocarbon resources of the Utrenneye field.

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