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Total acquired 12% stake in Russia's Novatek

March 04/2011

(Arabian Oil and Gas) -- French oil giant Total and Russian gas company Novatek have entered into a strategic partnership that will see Total aqcuire a 12% stake in the country's largest independent gas producer. Christophe de Margerie, Totals chairman and chief executive officer and Leonid Mikhelson, Novatek's chairman and one of the main shareholders signed two Memorandums of Cooperation to develope the cooperation between Total and Russian company Novatek and its main shareholders.

The cooperation will be developed around two transactions where Total will become the main international partner on the Yamal LNG project holding a 20% share. Novatek will hold a 51% interest in the project. In addition, Total will take a 12.08% shareholding in Novatek with the intent of both parties to increase the share to 15% within 12 months and to 19.40% within 36 months.

The Yamal LNG project will develop the South Tambey field located in the arctic area of the Yamal peninsula. The resources of this condensate and gas field are estimated at approximately 44 trillion cubic feet of gas (1,250 billion cubic metres), allowing production of more than 15 million tonnes of liquefied natural gas (LNG) per year.

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