Russia’s Novatek sells Yamal LNG stake to Chinese investment fund
OAO NOVATEK and China’s Silk Road Fund (SRF) have concluded a framework agreement on the acquisition by SRF—a $40-billion medium- to long-term investment fund—of a 9.9% equity stake in the Yamal LNG project.
According to the agreement, the transaction is scheduled to close after the satisfaction of stipulated conditions precedent, including the receipt of all necessary approvals. Following the completion of the deal, the shareholder structure of OAO Yamal LNG will be as follows: OAO NOVATEK (50.1%), Total (20%), CNPC (20%) and SRF (9.9%).
“We consider Yamal LNG to be one of the most prospective and competitive LNG projects in the world,” Wang Yanzhi, president of SRF, said. “Such observation supports our interest in becoming its shareholder. We hope our entrance into the project will facilitate an expedited closing of the project’s general external financing, as well as contribute to further development of the Chinese-Russian cooperation in the energy sector.”
“We welcome SRF’s entrance into the Yamal LNG project as another step forward in the mutually beneficial cooperation with our Chinese partners in the development of gas projects in the Russian arctic region,” Leonid V. Mikhelson, chairman of NOVATEK’s management board, said.
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