LNG

Total to take 10% in Novatek’s Arctic LNG 2 project

French major Total has agreed to take a 10% stake in Novatek’s planned 19.8 mtpa Arctic LNG 2 plant on Russia’s Gydan Peninsula.
By Staff reporter 25 May 2018 0 31024

French major Total has agreed to take a 10% stake in Novatek’s planned 19.8 mtpa Arctic LNG 2 plant on Russia’s Gydan Peninsula.

Novatek Chief Executive Leonid Mikhelson told reporters on Thursday the deal would close in Q1 2019 and that the project’s FEED stage is scheduled to be concluded by the end of 2018.

Mikhelson said Arctic LNG 2 would cost $25.5 billion, putting the value of Total’s 10% stake at $2.6 billion. He added Novatek plans to retain a 60% share.

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