/St. Petersburg/ Today, in the presence of the President of Russian Federation Vladimir Putin and the Chairman of People’s Republic of China Xi Jinping, OAO NOVATEK (“NOVATEK”) and China National Petroleum Corporation (“CNPC”) concluded an agreement on purchase of a 20% equity share in the Yamal LNG project (“Project”) by CNPC.
The transfer of title to the equity share is subject to receipt of necessary regulatory approvals and expected to be completed by 01 December 2013. Following completion of the deal, the shareholder structure of OAO “Yamal LNG” will be as follows: OAO NOVATEK (60%), Total S.A. (20%) and CNPC (20%).
OAO NOVATEK is Russia’s largest independent gas producer and the second-largest natural gas producer in Russia. 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 in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 90% of Russia’s natural gas production and approximately 17% of the world’s gas production. NOVATEK is an open joint stock company established under the laws of the Russian Federation. The Company’s shares are listed in Russia on MICEX-RTS Stock Exchange and the London Stock Exchange (LSE) under the ticker symbol «NVTK».
CNPC is China's largest oil and gas producer and supplier, as well as one of the world's major oilfield service providers and a globally respected contractor in engineering construction. CNPC has presence in 70 countries.