PARIS, March 5 (Reuters) - French energy group Total has agreed to buy a 10 percent stake in the Arctic LNG 2 project from Russia’s Novatek, Total said on Tuesday.
Novatek and Total also agreed that Total will have the opportunity to buy a 10-15 percent direct interest in all Novatek’s future LNG projects on the Yamal and Gydan peninsulas.
“Arctic LNG 2 fits into our strategy of growing our LNG portfolio through competitive developments based on giant low cost resources primarily destined for the fast growing Asian markets,” said Total chairman and chief executive Patrick Pouyanne. (Reporting by Sudip Kar-Gupta; Editing by Bate Felix)
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