Russia-based large-scale natural gas producer Novatek has closed the sale of participation interests in Arctic LNG 2 Project to China’s National Petroleum Corporation (CNPC), CNOOC, and the consortium of Mitsui and Japan Oil, Gas and Metals National Corporation (Japan Arctic LNG).

The company said that the Arctic LNG 2 project is anticipated to have three LNG trains with a capacity of 6.6 million tonnes per annum each, constructed using gravity-based structure (GBS) platforms.

The Arctic LNG 2 project is based on the hydrocarbon resources of the Utrenneye field, with its 2P reserves under PRMS amounting for 1,138 billion cubic meters of natural gas and 57 million tonnes of liquids.

Novatek management board chairman Leonid Mikhelson said: “We now have formed the structure of the Project’s participants by successfully closing the sale of interests in Arctic LNG 2. The target level of NOVATEK’s participation has been reached, allowing us to make the final investment decision and optimally use the Company’s cash flow to finance our new projects.”

In April, Novatek signed two deals to sell a combined 20% interest in the project to two state-owned Chinese energy firms. Under the deal, the agreed to sell 10% stake to China National Oil and Gas Exploration and Development Corporation (CNODC) and a further 10% interest to China National Offshore Oil Corporation (CNOOC).

Novatek had also signed an agreement in June to sell a stake of 10% in the project to a consortium of Mitsui and Japan Oil, Gas and Metals National Corporation (JOGMEC).

The stake in the Arctic LNG 2 project was to be acquired by the consortium’s Netherlands-based Japan Arctic LNG. JOGMEC and Mitsui’s stakes in the Dutch company are 75% and 25%, respectively.

Novatek will hold 60% stake in the Arctic LNG 2 project and will be partnered by Total, CNPC, CNOOC and Japan Arctic LNG, which will all own stakes of 10% each.

In March, the company sold 10% stake to Total.