Russia’s Novatek to Sell 10% Stake in LNG Transshipment Business to France’s Total

MOSCOW (Sputnik) – Russian gas giant Novatek said on Wednesday that it had signed a heads of agreement with French oil major Total to sell a 10% stake in its LNG transshipment business.

“PAO NOVATEK signed a Heads of Agreement with TOTAL on the sale of a 10% participation interest in Arctic Transshipment LLC (“Agreement”). Arctic Transshipment LLC is NOVATEK’s wholly owned subsidiary that will eventual operate two LNG [Liquefied Natural Gas] transshipment complexes currently under construction in the Kamchatka and Murmansk regions,” Novatek said in a press release.

The company added that LNG cargo will be transferred from the Arc7 ice-class LNG tankers to conventional tankers at each location.

Novatek is the largest independent natural gas producer in Russia. It entered the LNG business in 2017 with the large-scale Yamal project, followed by the Arctic LNG 2 project. The latter is expected to be launched in 2023.

Sourse: sputniknews.com