• eng
09:35 GMT +3 hours20 December 2014
Live
Business

Russia's Novatek buys quarter of Yamal LNG project

Business
500
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.

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)