June 29, 2019 / 10:48 AM / 22 days ago

Russia's Novatek to sell 10% of Arctic LNG 2 to Japan's JOGMEC, Mitsui

OSAKA (Reuters) - Novatek PAO, Russia’s biggest private gas producer, has agreed to sell a 10% stake in its upcoming project to liquefy natural gas in Russia, the Arctic LNG 2, to Japan’s JOGMEC and Mitsui & Co.

President Vladimir Putin told a news conference on Saturday after a G20 summit in Osaka, western Japan, that the Japanese investments in the project would reach almost $3 billion.

Mitsui and state-owned Japan Oil, Gas and Metals National Corp will buy the stake through a Dutch-based joint venture, in which JOGMEC owns 75% and the Japanese trading house the rest, Mitsui said in a statement.

Arctic LNG 2 will become the third liquefied natural gas (LNG) project for Novatek, which hopes to match Qatar in the super-cooled gas production.

Novatek holds 60% of the yet-to-be-built Arctic LNG 2, while France’s Total SA, China National Oil and Gas Exploration and Development Company (CNODC) and CNOOC each hold a 10% stake in the project.

Reporting by Kiyoshi Takenaka and Katya Golubkova in OSAKA; Editing by Chang-Ran Kim and William Mallard

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