Novatek Closes Arctic LNG 2 Transaction

Source Press Release
Company NovatekCNOOC LtdCNPCJapan Oil, Gas and Metals National CorporationMitsui & Co., Ltd. 
Tags Asset Deals, Deals, LNG & Gas Storage/Processing
Date July 22, 2019

PAO NOVATEK (“NOVATEK” and/or “the Company”) today announced the closing of the sale of participation interests in Arctic LNG 2 Project (“Project”) to wholly owned subsidiary of China National Petroleum Corporation (“CNPC”), wholly owned subsidiary of  CNOOC Ltd. (“CNOOC”), and the consortium of Mitsui & Co and Japan Oil, Gas and Metals National Corporation (“Japan Arctic LNG”).

“We now have formed the structure of the Project’s participants by successfully closingthe sale of interests in Arctic LNG 2,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “The target level of NOVATEK’s participation has been reached, allowing us to make the final investment decision and optimally use the Company's cash flow to finance our new projects”.

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