Total to buy 10% stake in Russian LNG project
06 March, 2019
French supermajor Total has agreed to purchase a 10% direct interest in the Arctic liquefied natural gas (LNG) 2 project from Russia’s Novatek.
The agreement will bring the French company’s overall interest in the project to 21.6% as Novatek, which Total has a 19.4% interest in, has a 60% stake in the project.
Plans are in place to take a final investment decision on the Artic project in the second half of this year. If approved, the project will be built in northern Siberia and have a production capacity of 20m tonnes per year. Start-up is scheduled for 2023.
Total has been active in Russia since 1991 carrying out exploration and production activities and has a number of refining and chemical assets in the country.