NOVATEK & CNPC Sign Framework Agreement for Yamal LNG

Source: www.gulfoilandgas.com 6/21/2013, Location: Asia

At the St. Petersburg International Economic Forum OAO NOVATEK and China National Petroleum Corporation (CNPC) concluded a framework agreement on cooperation within the Yamal LNG project. The agreement provides for:

- Acquisition by CNPC of a 20% stake in the Project;
- Conclusion of a long-term contract for supply of at least 3 million tons of LNG per annum; and
- Active assistance in organizing the provision of external financing for the Project from the Chinese financial institutions.

The acquisition of a 20% stake in the Project by CNPC is estimated to be closed by 1 October 2013.

Chairman of the Board of Directors of CNPC Zhou Jiping stated: “We are glad to conclude this agreement with NOVATEK on our entrance into the Yamal LNG project based on vast conventional gas reserves, guaranteeing long-term sustainable supplies of LNG to China. We acknowledge that Russia is giving a lot of attention to its expansion into the international LNG markets and we welcome the increase in Russian LNG supplies to China”.

According to NOVATEK’s Chairman of the Management Board, Leonid V. Mikhelson, “This agreement is a very important step in the implementation of the Yamal LNG project. We see CNPC as a reliable partner with considerable experience in international LNG projects, as well as a long-term buyer of LNG representing one of the fastest growing gas markets in the world. We are also looking forward to CNPC’s significant contribution into attracting external financing for the Project”.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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