Western Sanctions Will Not Harm Novatek, Says CEO

The present standoff between Russia and the West will not take its toll on Novatek’s $27 billion Yamal LNG project, said the company on Wednesday. 

"I do not see any potential impact on Yamal LNG," Novatek’s CEO Leonid Mikhelson said in an interview with Reuters. 

Novatek is developing its LNG project in the Arctic with France’s Total and China’s CNPC. The Moscow-based company, which holds 60% working interest in the Yamal investment, said it could sell 9% of the project. Mikhelson declined to name any potential buyers.

Last week, some reports suggested that Novatek and Gazprom would have been affected by the sanctions.