Total buys 10% stake in Arctic LNG 2

May 24, 2018

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Total has signed an agreement with Novatek in which Total shall acquire a working interest of 10% in Arctic LNG 2, a project by Novatek on the Gydan Peninsula in the north of Siberia. The agreement also provides the right for Total to acquire additionally up to 5% in the project in case Novatek decides to decrease its participation interest below the currently planned 60%. Novatek and Total have also agreed that Total will have the opportunity to acquire a 10 to 15% direct interest in Novatek’s future LNG projects in Yamal and Gydan. The final investment decision on the Arctic LNG 2 project is expected in 2019.

Edited from Total press release.