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NOVATEK & CNPC Conclude Agreement on Share Purchase in Yamal LNG

Source: www.gulfoilandgas.com 9/6/2013, Location: Asia

In the presence of the President of Russian Federation Vladimir Putin and the Chairman of People’s Republic of China Xi Jinping, OAO NOVATEK (NOVATEK) and China National Petroleum Corporation (CNPC) concluded an agreement on purchase of a 20% equity share in the Yamal LNG project (Project) by CNPC.

The transfer of title to the equity share is subject to receipt of necessary regulatory approvals and expected to be completed by 01 December 2013. Following completion of the deal, the shareholder structure of OAO “Yamal LNG” will be as follows: OAO NOVATEK (60%), Total S.A. (20%) and CNPC (20%).

Chairman of the Board of Directors of CNPC, Zhou Jiping stated “We are satisfied with the progress of our cooperation. The signed agreement is an important step in the development of energy projects providing the fast growing Chinese economy with stable supplies of clean energy resources”.

Chairman of the Management Board of NOVATEK, Leonid V. Mikhelson stated “CNPC’s entrance in Yamal LNG is an important milestone for the Project. We are pleased to welcome a new, strong partner who will contribute its capabilities and resources to the successful implementation of the Project”.

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