April 25, 2019 / 8:59 AM / 9 months ago

China's CNODC to buy 10 pct in Novatek's Arctic LNG 2

MOSCOW, April 25 (Reuters) - China National Oil and Gas Exploration and Development Company (CNODC) has signed a binding agreement with Russia’s Novatek to buy a 10 percent stake in the Arctic LNG 2 project, Novatek said on Thursday.

CNODC is a subsidiary of China National Petroleum Corporation (CNPC).

“The agreement is an important milestone in our Arctic LNG 2 project implementation as well as a continuation of our successful cooperation with CNPC,” Novatek’s CEO Leonid Mikhelson said in a statement. (Reporting by Maria Kiseleva; Writing by Maxim Rodionov; Editing by Mark Potter)

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