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Novatek moots Saudi stake in Arctic LNG 2

One of the hottest countries in the world looks poised to make a huge LNG investment in one of the world’s coldest regions One of the hottest countries in the world looks poised to make a huge LNG investment in one of the world’s coldest regions.
By Peter Stewart 20 March 2019 Europe & Russia / LNG 0 34059
Arctic LNG 2 is Novatek’s second major LNG project after entering the global market with production from the Yamal LNG project in 2017. (Novatek)

Novatek Chief Executive Leonid Mikhelson said on 17 March that his company would consider selling a stake of up to 30% in the proposed Arctic LNG 2 project to Saudi Aramco “if it makes a good offer”.

Saudi Arabia mooted the possibility of investing in the 19.8 mtpa project in October 2018. The kingdom was reported to have proposed a $5 billion investment, although this looks like a bargaining position as France’s Total announced in May 2018 that it had agreed to buy a 10% stake...