Saudi Aramco will sign an agreement soon to become a partner in the Russian Novatek's Arctic LNG-2 project, said Amin Nasser, CEO of Saudi Aramco on late Friday.
Nasser told journalists in Russian capital Moscow that Saudi Aramco is discussing a purchase of a share in the Arctic LNG-2 project.
"We plan to sign the agreement soon to become a partner in the Arctic LNG-2 project carried out by the Russian natural gas company Novatek," Nasser said.
In May, at the 22nd Saint Petersburg International Economic Forum, Novatek and French Total signed a binding agreement on the terms to enter the Arctic LNG-2 project.
The agreement provided for the acquisition by Total of a 10 percent participation interest in the project.
The project’s value is determined at $25.5 billion.
Reporting By E. Gurkan Abay in Moscow
Writing By Murat Temizer