From The Barents Observer:
Frenchmen sign landmark deal with Novatek, boost presence in Russian Arctic
Company Total acquires 10 percent of the Arctic LNG 2 project and gains exclusive rights over future developments in Russia’s most prosperous natural gas region.
The French energy company ties a key part of its future to the large natural gas reserves in the Russian Arctic peninsulas of Yamal and Gydan. Company Chairmans and CEO Patrick Pouyanné on Tuesday this week met in Moscow with Novatek’s Board Chairman Leonid Mikhelson in connection with the signing ceremony on Arctic LNG 2, the major new LNG project now in the making in the Russian Arctic....MUCH MORE
Total gets a direct 10 percent interest in the project, the company says. But that is not all. Taking into account the company’s 19.4 percent ownership in Novatek and Novatek’s intention to retain 60 percent of the project, Total’s overall economic interest in the LNG project will be approximately 21.6 percent. The Frenchmen will also have the possibility to increase their direct share in the project up to 15 percent.
In addition comes significant rights over other future projects in the region. Novatek and Total have agreed that Total will have the opportunity to acquire a 10-15 percent direct interest in all Novatek’s future LNG projects located on the Yamal and Gydan peninsulas, the French company informs....
