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Novatek OAO and CNPC Sign Purchase-Sale Contract for 20% of Yamal LNG-Interfax

Thursday, 5 Sep 2013 03:13am EDT 

Interfax reported that Novatek OAO (Novatek) and China National Petroleum Corporation (CNPC) have signed a purchase-sale contract for shares in OJSC Yamal LNG (Yamal LNG), an Interfax correspondent reported from the signing ceremony at the G20 Summit. Novatek CEO Mr. Leonid Mikhelson told reporters that 20% of Yamal LNG's shares are being sold. He did not specify the cost of the deal. The cost satisfies both parties, he added, noting that the shares will be paid for in cash. The two companies are discussing how much liquefied natural gas (LNG) CNPC will purchase, Mr. Mikhelson said. 

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-2.17 -0.62%
5:38am EDT