Novatek in talks to sell stake in Arctic LNG project

By JAMES MARSON

MOSCOW -- Russia's OAO Novatek is in "advanced talks" on selling a stake in its Arctic liquefied natural gas project to a consortium of foreign companies, Novatek's CFO Mark Gyetvey said.

Speaking on a conference call, Mr. Gyetvey did not name the companies.

Novatek in June signed a framework agreement to sell a 20% stake in the Yamal LNG project to China National Petroleum Corp.

Total holds a 20% stake in the project, which is set to produce its first gas in 2017.

Dow Jones Newswires

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