Support The Moscow Times!

Novatek Takes Yamal LNG

Novatek raised its stake in the Yamal LNG project to 100 percent, exercising options it bought earlier this year, and will make the payments for the 23.9 percent and 25.1 percent stakes by June 30, 2012, the company said Friday.

Novatek plans to offer shares to future partners in the project to produce liquefied natural gas, while retaining the 51 percent it had previously. Yamal LNG may need as much as $20 billion in investments, not including spending on a tanker fleet to ship the fuel from the icebound waters.

Total agreed in March to purchase a 20 percent stake in the project in a deal that has not yet closed and to buy 12 percent of Novatek for about $4 billion. That deal was completed in April.

(Bloomberg)

Read more

We need your help now more than ever.

Independent media outlets and journalists in Russia are being increasingly targeted with “foreign agent” and “undesirable” labels, threatening the existence of the free press day by day.

Your donation to The Moscow Times directly supports the last independent English-language news source within Russia.