Sinopec May Buy Stake in Russian LNG Project

China's Sinopec is negotiating to join a $20 billion liquefied natural gas project run by Russia's Novatek, a source close to the talks told Reuters.

The Russian firm currently owns 80 percent and France's Total 20 percent of the Yamal LNG project, which aims to start production in 2015-2016 and produce 15 million tonnes per year by 2018, Reuters said.

Reuters reported that size of the stake that the Chinese state owned firm may acquire is not clear.

Novatek has been looking for more equity partners in the project and has said it plans to keep at least 51 percent.