Total Agrees to Buy 12% of Novatek, Enter Yamal LNG Project

Total SA (FP), Europe’s third-biggest oil company, agreed to buy 12 percent of OAO Novatek and join the gas producer’s Arctic LNG project to expand in Russia.
Total is paying about $4 billion for the stake, Chief Executive Officer Christophe de Margerie said today at Prime Minister Vladimir Putin’s residence near Moscow. The French explorer plans to raise its holding to 19.4 percent within three years, according to a statement distributed to reporters.
[Read more]
Source: Bloomberg