NOVATEK to select two or three more partners for Yamal LNG by end of 2011
MOSCOW. March 14 (Interfax) - OJSC NOVATEK plans to select two or three more partners for the Yamal LNG project by the end of this year, the company's CFO, Mark Gyetvay, said during a conference call on Monday.
Under the memorandum that NOVATEK signed with French Total, capital expenditures on Yamal LNG will not be shared equally, NOVATEK chief Leonid Mikhelson said.
The deal on Total's entry into Yamal LNG will be closed on July 1, 2011.
The foreign partners are expected to have a combined 49% stake in Yamal LNG and NOVATEK will retain 51%, Gyetvay said.
Total agreed acquisition of a 20% stake in Yamal LNG in March 2011.
Yamal LNG will see development of the Yuzhno-Tambeiskoye field and construction of a gas liquefaction plant. LNG production is slated to commence in 2016.
RTS$#&: NVTK