Novatek to sell stake in Arctic LNG 2

Novatek PAO, Russia’s biggest private gas producer, has agreed to sell a stake in its upcoming project to liquefy natural gas in Russia, the Arctic LNG 2, to Japan’s JOGMEC and Mitsui & Co, the Japanese government said.

The statement did not provide details on the stake or investment amount. Arctic LNG 2 will become the third liquefied natural gas (LNG) project for Novatek, which hopes to match Qatar in the super-cooled gas production.

Novatek currently holds 60% of the yet-to-be-built Arctic LNG 2, while France’s Total SA, China National Oil and Gas Exploration and Development Company (CNODC) and CNOOC each hold a 10% stake in the project. (Reporting by Kiyoshi Takenaka and Katya Golubkova in OSAKA Editing by Chang-Ran Kim )