Total has agreed to buy a 10 percent stake in the Arctic LNG 2 project from Russ...
PARIS - Total has agreed to buy a 10 percent stake in the Arctic LNG 2 project from Russia’s Novatek, as the French energy group looks to build up its presence in the area to service a fast-growing Asian market.
Novatek said that, as well as paying for the 10 percent stake, Total would provide some financing through capital investment for Arctic LNG 2, adding it expected preliminary capex for the project to be $20-21 billion. It added that should Novatek decide to reduce its participation in Arctic 2 LNG below 60 percent, Total would have the opportunity to increase its direct share up to 15 percent.
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