July 22, 2019 / 7:28 AM / a year ago

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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