Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/novatek-concludes-framework-agreement-on-cnpcs-ent.shtmlNOVATEK concludes framework agreement on CNPC's entrance into Yamal LNG
OAO NOVATEK and China National Petroleum Corporation ('CNPC') concluded a framework agreement on cooperation
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OAO NOVATEK and China National Petroleum Corporation ('CNPC') concluded a framework agreement on cooperation within the Yamal LNG project (the 'Project). The agreement provides for:
■ acquisition by CNPC of a 20% stake in the Project; ■ conclusion of a long-term contract for supply of at least 3 million tons of LNG per ■ annum; and ■ active assistance in organizing the provision of external financing for the Project from the Chinese financial institutions.
The acquisition of a 20% stake in the Project by CNPC is estimated to be closed by 1 October 2013.
Chairman of the Board of Directors of CNPC Zhou Jiping stated: 'We are glad to conclude this agreement with NOVATEK on our entrance into the Yamal LNG project based on vast conventional gas reserves, guaranteeing long-term sustainable supplies of LNG to China. We acknowledge that Russia is giving a lot of attention to its expansion into the international LNG markets and we welcome the increase in Russian LNG supplies to China'.
