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Baker Botts acts for PAO Novatek on the 10% sale in Arctic LNG 2 to Total

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LNG Industry,

Baker Botts has announced that a cross border team of its global projects lawyers has acted for PAO Novatek on the sale of a 10% participation interest in the Arctic LNG 2 project.

According to the statement, the transaction was signed on 4 March, and will close by the end of 1Q19.

The Arctic LNG 2 project envisages the construction of three 6.6 million tpy LNG trains, using gravity-based structure (GBS) platforms. The project will use the hydrocarbon resources of the Utrenneye field.

According to Baker Botts, Novatek estimates total project costs to be approximately US$20 billion – US$21 billion.

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