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Russia's Novatek buys quarter of Yamal LNG project

17:49 24/03/2011

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Yamal - Russia's gas storehouse

Russia's biggest independent natural gas producer Novatek has executed an option to buy a 25.1% share in Yamal LNG, a company operating a Yamal liquefied natural gas project in the Arctic, for $526 million, Novatek said in a statement on Thursday without disclosing the seller.

The option is valid until July 1, 2012, it said in a statement.

The probable seller is Cyprus' Varix Enterprises Ltd, controlled by gas giant Gazprom, which owns 25.1% in the project. Novatek currently holds 51% in Yamal LNG and has also recently received an option to buy a 23.9% share from Cyprus' Innecto Ventures Ltd owned by Russian businessmen Gennady Timchenko and Pyotr Kolbin, estimated at $750 million.

Earlier in March, France's major Total SA signed a deal to buy 12% of Novatek and 20% in the Yamal LNG project.

MOSCOW, March 24 (RIA Novosti)

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<div style="border:1px solid #d3d3d3; padding:17px 0 0px 17px; background:#ffffff; width:510px;"><div style="width:100%; overflow:hidden;"><a target="_blank" href="http://en.rian.ru/business/20110324/163185463.html" style="text-decoration:none;"><img src="http://en.rian.ru/i/eng/logo_sml.gif" alt="RIA Novosti" title="RIA Novosti" style="float:left; margin-right:10px;" border="0" /></a><a target="_blank" href="http://en.rian.ru/business/20110324/163185463.html"><img src="http://en.rian.ru/images/16141/20/161412082.jpg" width="120" height="83" border="0" alt="Russia's Novatek buys quarter of Yamal LNG project" style="float:right;padding:0px 15px 5px 0px;" /></a><a target="_blank" href="http://en.rian.ru/business/20110324/163185463.html" style="color:#000000;text-decoration:none;display: block; margin: 0 10px 0 0 ;"><strong style="font:19px Georgia,Arial,sans-serif; line-height:16px; font-weight:bold;">Russia's Novatek buys quarter of Yamal LNG project</strong></a><p style="font:13px Georgia,Arial,sans-serif; padding:5px 153px 0px 0;"><span style="color:#5590bf;">17:49</span> <span style="color:#5590bf; padding-right:7px;">24/03/2011</span> <span style="font-size:12px;">Russia's biggest independent natural gas producer Novatek has executed an option to buy a 25.1% share in Yamal LNG, a company operating a Yamal liquefied natural gas project in the Arctic, for $526 million, Novatek said in a statement on Thursday without disclosing the seller.<a target="_blank" style="color:#335f86; padding-left:10px; text-decoration:underline;" href="http://en.rian.ru/business/20110324/163185463.html" title="Russia's Novatek buys quarter of Yamal LNG project">>></a></span></p><div style="padding:6px 0 15px 30px; font:10px Verdana,sans-serif;"><a target="_blank" style="color:#114472; text-decoration:underline;" href="http://en.rian.ru" title="RIA Novosti">Other news of the day</a></div></div></div>

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Russia's Novatek buys quarter of Yamal LNG project

17:49 24/03/2011 Russia's biggest independent natural gas producer Novatek has executed an option to buy a 25.1% share in Yamal LNG, a company operating a Yamal liquefied natural gas project in the Arctic, for $526 million, Novatek said in a statement on Thursday without disclosing the seller.>>

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