Russia’s OAO Novatek sold a 9.9 per cent stake of its Yamal LNG project located in the Russian Arctic to China’s state-owned investment fund, Silk Road Fund (SRF) for over €1 billion, according to Novatek's press release on Tuesday.
In accordance with the recent deal, the shareholders of the project are respectively OAO Novatek with 50.1 percent, Total with a 20 percent share, China National Petroleum Company (CNPC) at 20 percent and now SRF with a 9.9 percent share.
The Yamal LNG project is based on the feedstock resources of Russia's South-Tambeyskoye field. The proven and probable reserves of the field are 926 billion cubic meters of gas, while the capacity of the LNG project is 16.5 million tons per annum.
OAO Novatek is the biggest independent natural gas producer and second-largest gas producing company of Russia. The activities of company include exploration, production, processing and marketing of natural gas and liquid hydrocarbons.
By Ugur Ertas
Anadolu Agency
ugur.ertas@aa.com.tr