Novatek Completes Sales of Stakes in Arctic LNG-2

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Russian natural gas producer Novatek said on Monday it had completed the sale of stakes in its Arctic LNG-2 project to China’s National Petroleum Corporation. CNOOC and the Japan Arctic LNG consortium.

Novatek has now reached its target for participation in the project. meaning it can make a final investment decision and use cash for other projects. it said.

Novatek will hold a 60% stake in the project. with Total. CNPC CNPET.UL. CNOOC and Japan Arctic LNG each holding 10%. it said.

The Japan Arctic LNG consortium comprises Mitsui &amp. Co and Japan Oil. Gas and Metals National Corporation.