Total to buy stake in Yamal LNG
Total has received government approval to purchase a stake in the Yamal LNG project in the Russian Arctic. Russia currently has strict laws preventing foreign investment in strategic sectors but this approval makes an exemption for Total. Total bought a 12% stake in Novatek for US$ 4 billion as a condition of it entering the Yamal LNG project.
Total is planning to buy a 20.5% interest in the project from Novatek, Russia’s second largest gas producer, who already own 51% in the project and have the option to buy a further 49% in the project from shareholders.
Currently the project is planned for startup in 2018, and Novatek has said that other foreign partners including companies from Qatar and India may be invited to join the Arctic project.
The Kremlin is very keen to sponsor the Yamal LNG project as it wants to increase the Russian market share of the natural gas market and content wit market leaders Qatar. So far the government has already agreed to provide tax breaks for Yamal LNG and help with building some of the required transportation network.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/21072011/total_to_buy_stake_in_yamal_lng/
You might also like
Balmoral Group completes sale of Comtec to Freudenberg Flow Technologies
Following the completion of the deal, Comtec will continue to operate as usual from its existing locations, with no immediate changes to its name, day-to-day activity, customer contracts, delivery schedules, staffing levels or points of contact.