Novatek and CNPC signed a cooperation agreement for the project Yamal LNG.

Today at the St. Petersburg International Economic Forum of "NOVATEK" and the China National Petroleum Corporation CNPC signed an agreement on cooperation in the project "Yamal LNG".

The agreements reached include CNPC’s acquisition of a 20% stake in the project, long-term contract for the supply of at least 3 million tons of LNG per year and to contribute actively to attract external financing of the project from Chinese financial institutions.

The sale of equity interest in the project is scheduled to close prior to October 1, 2013.

Chairman of the board of directors of CNPC Zhou Jiping said: "We are delighted to enter into an agreement with the company" NOVATEK "to join the Yamal LNG project, characterized by the substantial volume of conventional gas reserves, which ensures stable long-term supply of LNG to China. We can see that Russia pays considerable attention to expanding its presence in the international LNG market, and we welcome the increase in the supply of Russian LNG to China. "  
Chairman of the Board of JSC "NOVATEK" Leonid Michelson said: "The signing of this agreement — an extremely important step in the implementation of the Yamal LNG project. In the face of CNPC we get not only a reliable partner with a wealth of experience in international LNG projects, but also to secure long-term customer, representing one of the fastest growing gas markets in the world. We also look forward to the significant contribution of CNPC in attracting external funding. "

The project "Yamal LNG" includes the construction of a liquefied natural gas (LNG) production capacity of 16.5 million tons of LNG per year to the resource base of the South Tambey field. Proven and probable reserves of gas reserves as of 31/12/12 according to PRMS up 907 billion cubic meters. m The Project involves the construction of transport infrastructure, including the sea port and airport, near the village of Sabetta (north-east of the Yamal Peninsula.) The shareholders of "Yamal LNG" are now the JSC "NOVATEK" (80%) and the company Total (20%).

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