Total Ups Interest in Novatek, Russia

NOVATEK, Russia’s largest independent gas producer, said it has received notice from Total E&P Arctic Russia notifying the company that they have increased their equity stake in NOVATEK to 16.0%.

NOVATEK and Total are jointly developing the Yamal LNG project in Russia. NOVATEK’s share in OAO Yamal LNG is currently 80%, Total owns the remaining 20%.

The project envisages the construction of an LNG plant with an annual capacity of 16.5 million tons per annum based on the feedstock resources of the South-Tambeyskoye field.

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