Novatek, CNPC May Sign LNG Deal in May

Russia oil and gas firm Novatek will most likely sign a deal in May with CNPC to supply LNG from Yamal, says ITAR-TASS, a Russian news agency.

Company’s head Leonid Mikhelson told reporters on Friday that the document will contain exact pricing, reports ITAR-TASS.

Mikhelson stated 70-75% of LNG from Yamal has already been contracted.

Yamal LNG, in which Novatek holds a 60% equity stake  while France’s Total has 20%, and CNPC the rest 20%, holds the license for exploration and production at the South-Tambeyskoye field valid until 2045.

The liquefaction plant will include three trains of 5 to 5.5 mmt annual capacity each as well as LNG storage facilities, according to the news agency.