Chinese pair firms up Arctic LNG 2 stake purchase

China’s CNPC and CNOOC have both signed share and purchase deals acquiring 10 percent stake each in Novatek’s Arctic LNG 2 project. 

Both deals are expected to close in the near future following the approvals by regulatory authorities in Russia and China, Novatek said in a statement on Friday.

The Arctic LNG 2 project includes the construction of three LNG trains at 6.6 million tons per annum each, using gravity-based structure (GBS) platforms.

The Italian contractor Saipem, in a joint venture with Renaissance, a Turkish oil and gas services company, has been contracted to provide onshore engineering and construction the three liquefaction trains.

The project is based on the hydrocarbon resources of the Utrenneye field.