Novatek purchases 25% stake in Yamal LNG
Novatek announced today that it has executed a call option agreement for the right to purchase the remaining 25.1% stake in Yamal LNG for USD 526 million, which is valid until 1 July 2012. The Company paid USD 15 million for the call option.
Novatek currently owns a 51% stake in Yamal LNG as well as a call option for a 23.9% stake executed at an earlier date.
The Yamal LNG project calls for the construction of a 15 million tpa LNG plant and production capacity for up to one million tons of gas condensate per annum. The launch of the first of three trains of the LNG plant is scheduled for 2016. It will be fed by the South Tambeyskoye gas field which has estimated reserves of 418 billion m3 and 15 million tons of condensate.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/24032011/novatek_purchases_25_percent_stake_in_yamal_lng/
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