Sinopec, Novatek in Yamal LNG Talks (Russia)

Sinopec of China  is reportedly in negotiations to buy a stake in Novatek’s Yamal liquefied natural gas project in Russia.

A deal between the two companies could be signed as early as next week during the St. Petersburg International Economic Forum, Reuters reported, citing an unidentified source.

Technip, leader of a consortium with JGC, was in April awarded by JSC Yamal LNG, owned by NOVATEK (80%) and TOTAL (20%), a contract to carry out the engineering, procurement, supply, construction and commissioning of an integrated facility for natural gas liquefaction.

The facility will have an annual production capacity of 16.5 million tons and will be based on the resources of the South Tambey gas condensate field located on the Yamal Peninsula, Russia.