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CNPC to buy stake in Yamal LNG

LNG Industry,

Today at the St. Petersburg International Economic Forum NOVATEK and China National Petroleum Corp. (CNPC) concluded a framework agreement within the Yamal LNG project, which provides for them to take a stake in the company secure LNG supplies.

The exact agreement allows CNPC to buy a 20% stake in the project and secure a long term supply deal for at least 3 million tpy of LNG. The agreement also includeds provision for active assistance in organising external fincnaing for the project from Chinese financial institutions.

The acquisition of a 20% stake in the Project by CNPC is estimated to be closed by 1 October 2013.

NOVATEK’s Chairman of the Management Board, Leonid V. Mikhelson, commented, “This agreement is a very important step in the implementation of the Yamal LNG project. We see CNPC as a reliable partner with considerable experience in international LNG projects, as well as a long-term buyer of LNG representing one of the fastest growing gas markets in the world. We are also looking forward to CNPC’s significant contribution into attracting external financing for the project”.

Separately, NOVATEK has signed a cooperation agreement with OAO Sovcomflot and Vnesheconombank for the construction of two LNG carriers for the project.

Written by Peter Farrell.

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