TotalEnergies has signed a Sale and Purchase Agreement with Novatek to acquire 10% of Arctic Transshipment LLC, a wholly-owned subsidiary of Novatek.
Arctic Transshipment LLC is NOVATEK’s wholly-owned subsidiary that will operate two LNG transshipment complexes currently under construction in the Kamchatka and Murmansk regions.
“We are pleased to have signed this acquisition with Novatek, our long-standing strategic partner, which is in line with our strategy of integration along the entire LNG value chain. These terminals mark an important step in the advancement and consolidation of the Arctic LNG 2 project, and will contribute to the safe and sustainable export of cargoes from our existing and developing Yamal projects,” said Patrick Pouyanné, Chairman and CEO of TotalEnergies, on the occasion of the signature at the Saint Petersburg International Economic Forum.
TotalEnergies is a 19.4% shareholder in Novatek and holds a 20% stake in Yamal LNG, a project that started up in December 2017 and produced more than 18.8 million tons of LNG in 2020. The company also holds a 10% stake in Arctic LNG 2, a project currently under construction and on track to deliver its first LNG cargo in 2023.