Novatek and Total have signed a memorandum of cooperation, which allows the French oil company to acquire a 20% participation interest in the project.
The company said that the memorandum stipulates that both parties have defined the parameters of the project’s strategic partnership and will take steps to close the deal by the end of the first half of 2011.
The Yamal LNG project includes the construction of production, storage and loading facilities for liquefied natural gas (LNG) based on the resources of the South-Tambeyskoye field.
The project calls for the construction of a 15 million ton per annum LNG plant and production capacity for up to one million tons of gas condensate per annum, according to the company.
