- NOVO-OGARYOVO, Russia: France’s Total SA is taking a large share in Russian natural gas producer Novatek and an even larger piece of a project with Novatek to build a liquefied natural gas facility.
Under agreements signed by Total Chairman Christophe de Margerie and Novatek’s Leonid Mikhelson, Total will buy 12 percent of Novatek’s shares with the option of increasing its stake to 19.4 percent. No price was stated for the deal, but Novatek’s market capitalization in February was about $32 billion.
Novatek is Russia’s largest independent gas producer.
In a separate agreement, Total will take a 20 percent stake in the LNG development in the northern Yamal region.
The agreements were signed after a meeting with Russia’s prime minister at his residence outside Moscow.