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CNOOC subsidiary to acquire 10% equity interest in Arctic LNG 2 LLC

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LNG Industry,


CNOOC Ltd and its wholly-owned subsidiary CEPR Ltd have entered into a share purchase agreement with Joint Stock Company Novatek (JSC Novatek) and Ekropromstroy, a wholly-owned subsidiary of JSC Novatek, pursuant to which, CEPR shall acquire 10% equity interest in Arctic LNG 2 LLC held by Ekropromstroy.

Pursuant to the agreement, CNOOC claims that the completion of the acquisition is conditional upon the approval of relevant Chinese and Russian government authorities and the satisfaction of certain other conditions. It is expected that the acquisition will be completed in the near future.

JSC Novatek is principally engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons, and has over 20 years of operational experience in the Russian oil and natural gas sector.

Arctic LNG 2 LLC is a limited company incorporated in the Russian Federation engaging in the Arctic LNG 2 project. The project is the second large onshore conventional natural gas project led by JSC Novatek on the Gydan Peninsula in Russia, which contains the development and production of Utrenneye gas field and the construction and operation of three LNG trains. Arctic LNG 2 LLC holds the LNG licence that grants an exclusive right to export LNG produced from gas extracted from the Utrenneye gas field.

Read the article online at: https://www.lngindustry.com/liquefaction/10062019/cnooc-subsidiary-to-acquire-10-equity-interest-in-arctic-lng-2-llc/

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