Russia's Novatek completes sales of stakes in Arctic LNG-2

Russian natural gas producer Novatek said it had completed the sale of stakes in its Arctic LNG-2 project to China’s National Petroleum Corporation, CNOOC and the Japan Arctic LNG consortium.

Novatek has now reached its target for participation in the project, meaning it can make a final investment decision and use cash for other projects, it said.

Novatek will hold a 60% stake in the project, with Total, CNPC CNPET.UL, CNOOC and Japan Arctic LNG each holding 10%, it said.

The Japan Arctic LNG consortium comprises Mitsui & Co and Japan Oil, Gas and Metals National Corporation.

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