Total to acquire 10% of NOVATEK subsidiary

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AK&M 04 May 2021 13:54

NOVATEK and Total have signed a Heads of Agreement on acquiring a 10% stake in Arctic Transshipment LLC, NOVATEK informed.

Arctic Transshipment LLC is NOVATEK's wholly owned subsidiary that will eventual operate two LNG transshipment complexes currently under construction in the Kamchatka and Murmansk regions. The transshipment complexes are intended to ensure efficient and cost-effective LNG transportation from Arctic LNG 2 and other NOVATEK's projects by transshipping LNG from Arc7 ice-class tankers to conventional tankers. Each transshipment complex comprises of a floating LNG storage unit with a capacity of 360,000 cubic meters with two ship-to-ship transshipment points.

JSC NOVATEK, the largest independent natural gas producer in Russia, was founded in 1994. The company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. Upstream activities of the company's subsidiaries and joint ventures are concentrated mainly in the prolific Yamal-Nenets autonomous area.