China invests in new plant project

Russia's second largest gas producer, the company "Novatek", with China's CNPC signed an agreement to sell 20% stake in the project "Yamal LNG". The signing of a landmark agreement was preceded by a meeting of Vladimir Putin and Xi Jinping, the chairman of China.

Amount of the transaction between the "Novatek" and CNPC were not disclosed. A preliminary agreement on the participation of Chinese companies in the Yamal project was signed during the St. Petersburg Economic Forum. The document suggested that CNPC and "Novatek" must sign all binding documents before October 1 of this year.

Prior to the conclusion of this transaction, "Novatek" owned 80% stake in the project "Yamal LNG", the rest were owned by the French Total.

Recall that project "Yamal LNG" involves the construction of Yamal in the new plant for the production of liquefied natural gas. LNG will be exported to the special courts-gas carriers. And gas tankers will be able to run even at temperatures close to minus 50 degrees in the frozen Arctic Ocean.

Raw materials for the plant "Yamal LNG" will be produced at the South Taybeyskom field. Exports of new production is scheduled to begin in 2016. The main consumers of the Yamal LNG will be Europe and the Asia-Pacific region.

Like this post? Please share to your friends: