Pao Novatek has announced the closing of the sale of participation interests in the Arctic LNG 2 project to a wholly owned subsidiary of China National Petroleum Corporation (CNPC), a wholly owned subsidiary of CNOOC Ltd. (CNOOC), and the consortium of Mitsui & Co and Japan Oil, Gas and Metals National Corporation (Japan Arctic LNG).
“We now have formed the structure of the project’s participants by successfully closing the sale of interests in Arctic LNG 2,” noted Leonid Mikhelson, Novatek’s Chairman of the Management Board. “The target level of Novatek’s participation has been reached, allowing us to make the final investment decision and optimally use the company’s cash flow to finance our new projects”.