Yamal LNG to Select European Port by End Third Quarter

Novatek, Total and CNPC are working to select a terminal for transshipping LNG from the $26.9 billion Yamal project to Europe. Ports in Belgium, France and Spain are the main contenders.

 “Zeebrugge is in the race. There are also opportunities for Spain,” Philippe Sauquet, president of Total Gas & Power, told Bloomberg.

Sauquet said that the venture plans to decide the port by the end of the third quarter.  

After buying 20% of share from Novatek, CNPC is reported to become the main investor in the project. 

Novatek is slimming down its investments, looking another buyer interested in a 10% interest in the project.

Novatek and Total announced their final investment decision in December. The project consists in the development of the South-Tambeyskoye gas condensate field, and the construction of a natural gas liquefaction plant on the Yamal Peninsula.