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Energy

Russia's Novatek completes sales of stakes in Arctic LNG-2

MOSCOW (Reuters) - Russian natural gas producer Novatek NVTK.MM said on Monday it had completed the sale of stakes in its Arctic LNG-2 project to China's National Petroleum Corporation, CNOOC and the Japan Arctic LNG consortium.

Novatek has now reached its target for participation in the project, meaning it can make a final investment decision and use cash for other projects, it said.

Novatek will hold a 60% stake in the project, with Total TOTF.PA, CNPC CNPET.UL, CNOOC 0883.HK and Japan Arctic LNG each holding 10%, it said.

The Japan Arctic LNG consortium comprises Mitsui & Co 8031.T and Japan Oil, Gas and Metals National Corporation.

Reporting by Andrey Ostroukh, Olesya Astakhova; writing by Tom Balmforth; editing by Louise Heavens

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