NOVATEK Concludes Framework Agreement on CNPC’s Entrance Into Yamal LNG

PR Newswire 21 June 2013
Today at the St. Petersburg International Economic Forum OAO NOVATEK and China National Petroleum Corporation concluded a framework agreement on cooperation within the Yamal LNG 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.
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