Total signs final agreements on Yamal LNG project
Total said it signed final agreements with Novatek of Russia to jointly develop the Yamal LNG project in the Arctic region and in which the French company would have a 20 percent share.
Novatek intends to keep at least a 51 percent interest in the project, a statement said.
“Total is very pleased to be given this opportunity to be pioneers in an untapped region. We will work with Novatek to unlock the Yamal peninsula gas potential using world-class technology and combining the expertise of both companies as we build an LNG plant in the area,” said Yves-Louis Darricarrère, President of Total Exploration & Production.
“The decision to participate in this LNG project comes as an addition to the acquisition of a significant share of Novatek’s capital and confirms Total’s long-term commitment to Russia,” Darricarrère said.
The Russian authorities have authorized Total’s acquisition of the stake.
The Yamal LNG project will develop the South Tambey field located in the Arctic area of the Yamal peninsula.
The resources of the condensate and gas field will allow production of more than 15 million tonnes of LNG per annum.
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