Japanese consortium grabs Arctic LNG 2 stake

Russia’s largest private natural gas producer Novatek has agreed to sell a 10 percent stake in the Arctic LNG 2 project to a Japanese consortium.

The company said it has signed the sales and purchase agreement with the consortium of Mitsui & Co and Japan Oil, Gas and Metals National Corporation (JOGMEC).

The participation in the project also provides for the long-term LNG offtake of approximately two million tons per annum by the Japanese partners.

The agreement will close in the nearest future subject to regulatory approvals, Novatek said in its statement.

Speaking of the agreement, Novatek’s head, Leonid Mikhelson noted that the entry of Japanese partners into Arctic LNG 2 will contribute to its implementation.

The Arctic LNG 2 project envisages constructing three LNG trains at 6.6 million tons per annum each, using gravity-based structure (GBS) platforms. The project is based on the hydrocarbon resources of the Utrenneye field.