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NOVATEK and TotalEnergies Sign Share Purchase Agreement on 10% Stake in Arctic Transshipment LLC
Saint-Petersburg, 3 June 2021. As part of today's Saint-Petersburg International Economic Forum, in the presence of Minister of Energy of the Russian Federation Nikolay Shulginov, PAO NOVATEK ('NOVATEK' and/or the 'Company') signed a Share Purchase Agreement with TotalEnergies SE ('TotalEnergies') on the sale of a 10% participation interest in Arctic Transshipment LLC.
'The transshipment facilities will ensure the optimal utilization of our ice tanker fleet and reduce the cost of transport to consuming markets for the Company's existing and future LNG projects,' noted Leonid Mikhelson, NOVATEK's Chairman of the Management Board. 'The entry of our long-term partner TotalEnergies into the LNG transshipment project will enhance the competitiveness of our joint projects and contribute to the successful development of our LNG logistics chain in accordance with best industry practices in environmental protection and climate change mitigation.'
Arctic Transshipment LLC is NOVATEK's wholly owned subsidiary that will operate two LNG transshipment complexes currently under construction in the Kamchatka and Murmansk regions. The transshipment complexes are part of NOVATEK's logistical chain to optimize the use of the Arc7 ice-class tanker fleet, with the aim to ensure efficient and cost-effective LNG transportation from Arctic LNG 2 and other NOVATEK's projects. LNG cargos will be transferred from the Arc7 ice-class LNG tankers to conventional tankers at each location. Each transshipment complex comprises of a floating LNG storage unit with a capacity of 360,000 cubic meters with two ship-to-ship transshipment points.
PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company's upstream activities are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world's largest natural gas producing area and accounts for approximately 80% of Russia's natural gas production and approximately 15% of the world's gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation. The Company's shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol 'NVTK'.
OAO Novatek published this content on 03 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 June 2021 13:16:05 UTC.