25.04.2019, 15:55
NOVATEK Disclosed Amount of Transaction for the Sale of Total 10% in Arctic LNG-2
Source: OREANDA-NEWS
OREANDA-NEWS. In March 2019, NOVATEK made a profit from the sale of a 10% stake in the Arctic LNG-2 project in the amount of 308.6 billion rubles, the company said in the first quarter of the year. In particular, because of this, the company's profit for the first quarter increased 8.9 times - up to 381.8 billion rubles. 10% in Arctic LNG-2, the company sold to French Total. The deal was closed on March 6th.
Under the terms of the agreement, Total pledged to pay $ 1.3 billion for the stake, of which $ 600 million was paid at the close of the transaction, the rest of the amount - over the next 12 months, according to a NOVATEK report. On top of this, Total promised to pay NOVATEK a refund, the amount of which depends on oil prices - it can reach $ 800 million. In addition, investments in project property are provided in the amount of $ 342 million to $ 842 million, the amount of which will depend on capital investments (the investment program “Arctic LNG-2 "is not approved yet).
In May 2018, the head of the Russian company, Leonid Mikhelson, said that the total cost of the project is equivalent to $ 25.5 billion. He recently told reporters that Total is in equity, based on this estimate, that is, it will have to pay $ 2.55 for 10% billion. Earlier on Thursday, it became aware of another transaction on Arctic LNG-2: Chinese CNODC and CNOOC will enter the capital, each of which will receive 10% each.
The document was signed in the presence of the presidents of Russia and France, Vladimir Putin and Emmanuel Macron. Arctic LNG-2 is a project for the extraction of natural gas and the subsequent production of LNG in the Gydan Peninsula. The launch of the project is scheduled for 2023, said First Deputy Chairman of the Board of NOVATEK Alexander Friedman.
Under the terms of the agreement, Total pledged to pay $ 1.3 billion for the stake, of which $ 600 million was paid at the close of the transaction, the rest of the amount - over the next 12 months, according to a NOVATEK report. On top of this, Total promised to pay NOVATEK a refund, the amount of which depends on oil prices - it can reach $ 800 million. In addition, investments in project property are provided in the amount of $ 342 million to $ 842 million, the amount of which will depend on capital investments (the investment program “Arctic LNG-2 "is not approved yet).
In May 2018, the head of the Russian company, Leonid Mikhelson, said that the total cost of the project is equivalent to $ 25.5 billion. He recently told reporters that Total is in equity, based on this estimate, that is, it will have to pay $ 2.55 for 10% billion. Earlier on Thursday, it became aware of another transaction on Arctic LNG-2: Chinese CNODC and CNOOC will enter the capital, each of which will receive 10% each.
The document was signed in the presence of the presidents of Russia and France, Vladimir Putin and Emmanuel Macron. Arctic LNG-2 is a project for the extraction of natural gas and the subsequent production of LNG in the Gydan Peninsula. The launch of the project is scheduled for 2023, said First Deputy Chairman of the Board of NOVATEK Alexander Friedman.
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