MOSCOW, June 24 (RIA Novosti) - French Total and Russian independent gas producer Novatek are expected to implement a $1 billion project to develop a gas condensate project in northwest Siberia, Prime Minister Vladimir Putin said on Wednesday.

The project will establish a joint venture to develop the Thermokarst gas field on the Yamal Peninsula, Putin said at a meeting with the heads of both companies.

Investment in the initial stage will total $20 million, the premier said, adding that the government would back Total's participation in the project.

"The very fact that we are meeting here suggests that we'll be supporting such projects," Putin told Total's chief executive, Christophe de Margerie.