Novatek To Have New Partner For Yamal LNG By December

September 26, 2013

Novatek CEO Leonid Mikhelson said that the deal under which China National Petroleum Corporation will join the Yamal-LNG project should be closed by December 1, 2013.

CNPC signed a letter of intent at the Economic Forum in St. Petersburg. Under the long-term agreement, the Chinese side is expected to receive 3m tons of liquid natural gas per year after the project is launched. At the same time, CNPC is to aid in attracting Chinese financial organizations to invest in Yamal-LNG.

As earlier reported by ProNedra, signing the agreement in the beginning of September 2013 envisioned the Chinese company gaining 20% of the assets in the project. The agreement was signed after a meeting between Russian President Vladimir Putin and Chinese President Xi Jinping. The value of the deal has not been declared.

Copyright, ProNedra, 2013.