Novatek seals Arctic LNG 2 deal with partners and subcontractor

08/08/2019 08:45 LNG


Russia’s largest private natural gas extractor and liquefied natural gas (LNG) producer Novatek has entrusted a new subcontractor with building gas liquefaction facilities for Arctic LNG 2, its second LNG project to be developed in the Arctic.

The Russian company inked a $7.6 billion deal with TechnipFMC, a global leader in subsea, onshore/offshore, and surface projects. Both parties to the agreement managed to sign the contract as Novatek had been given access to additional sources of financing, which resulted from its successful attempt to form a group of companies holding interest in investing in the Arctic LNG 2 project.


Under the deal, TechnipFMC will carry out design engineering and construction work on three floating platforms equipped with natural gas liquefaction lines, with 6 million tons annual capacity each.


Novatek owns a majority stake of 60 percent in Arctic LNG 2. The Russian LNG company first offered the deal to sell a 10-percent agreement to French Total while in late April it cashed in by selling a 10-percent stake to Chinese CNOOC and CNODC. The remaining 10 percent was pledged to a Japanese consortium.


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