Bloomberg: Novatek Aims to Reduce Stake in Arctic LNG Project by Mid-Year

OAO Novatek, the largest shareholder of a project to build a liquefied natural-gas plant in Russia’s Arctic, plans to accelerate the sale of a stake in Yamal LNG as U.S. sanctions limit the project’s financial options.

Novatek, which has been in on-and-off talks to sell about 9 percent out of its 60 percent stake in Yamal LNG since 2013, intends to complete the negotiations by mid-2015, the company’s chairman, Leonid Mikhelson, told reporters at the plant’s future site near the Arctic Kara Sea. Total SA and China National Petroleum Corp. are already shareholders.

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