Novatek sells 20 % of "Yamal LNG" to China's CNPC for $3.8 billion.
Edited by Rhod Mackenzie / 2014-02-27 05:00:08
~~Russia's largest independent gas producer JSC "Novatek" has sold 20% of the "Yamal LNG" project to China's CNPC for $3.845 billion, the company paid 775 million roubles taxes, IFRS reports state.
In January Novatek announced the closing of the "Yamal LNG" interest sale to China's CNPC after obtaining all the necessary permits of the Russian, European and Chinese regulators. Following the transaction, Novatek owns 60% of "Yamal LNG", the French Total - 20%.
The terms of CNPC entering the Russian Yamal project include the payment for the shares and the payment of historical costs of the acquired share, as well as the disproportionate funding for the project through equity payments and loans.
