MOSCOW, Aug 16 (PRIME) — French oil and gas company Total has completed a completed a deal to purchase a 20.5% stake in Russias Yamal liquefied natural gas (LNG) project, to be implemented by Russian gas producer Novatek, the Russian companys CFO Mark Gyetvay said Tuesday.
The transaction has been completed, Gyetvay said during a conference call without providing the value of the deal.
On July 20, the Russian governments oversight committee for foreign investments approved Totals bid to buy the stake in the project, Andrei Tsarikovsky, deputy director of the Federal Antimonopoly Service (FAS), told reporters earlier.
Before getting the approval, Novatek, which holds 51% in the project and has an option to buy 23.9%, and Total signed a memorandum on the deal. Novatek plans to keep at least 51% in the project.
The project envisages the construction of a port and an LNG plant on the Yamal Peninsula with an annual projected capacity of 15 million tonnes of LNG. The plant is expected to use the resources of the Yuzhno-Tambeiskoye gas condensate field.
Speaking about the project, Russian Prime Minister Vladimir Putin said earlier that the government and investors were to provide at least 1 trillion rubles to develop the project and create its transport infrastructure.
(28.8576 rubles U.S. $1)