Total boosts ownership stake in NOVATEK to 16 percent
OAO NOVATEK (“NOVATEK” or the “Company”) has received notice from Total E&P Arctic Russia notifying the Company that they have increased their equity stake in NOVATEK to 16.0%, NOVATEK says in its press release.
OAO NOVATEK is Russia’s largest independent gas producer and the second-largest natural gas producer in Russia. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company’s upstream activities are concentrated in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 90% of Russia’s natural gas production and approximately 17% of the world’s gas production. NOVATEK is an open joint stock company established under the laws of the Russian Federation. The Company’s shares are listed in Russia on MICEX-RTS Stock Exchange and the London Stock Exchange (LSE) under the ticker symbol «NVTK».
Total is one of the largest international oil and gas companies and one of the leaders in the LNG industry with 40 year experience. The company is involved in current LNG projects in Indonesia, Yemen, Qatar, Nigeria, Norway, UAE, Oman, of total capacity amounted to 63 million tons per annum, as well as in other LNG projects in Australia, Algeria, Nigeria and Russia, of total capacity of 47 million tons per annum.
NOVATEK and Total jointly develop the Yamal LNG project. NOVATEK’s share in OAO Yamal LNG is currently 80%, Total owns the remaining 20%. The project envisages the construction of a LNG plant with annual capacity of 16.5 million tons per annum based on the feedstock resources of the South-Tambeyskoye field.
