Total Takes Stake in Novatek, Becomes Main Partner in Yamal LNG Project

Total yesterday signed two memoranda of cooperation (MOC) with Novatek's (Moscow)  chairman Leonid Mikhelson under which Total will take a stake in Novatek, the largest independent gas producer in Russia, and will become the main international partner in the Yamal liquefied natural gas project, holding a 20% share, with Novatek holding 51%. Mikhelson, through his Miracle company,  is in the process of acquiring Sibur (Moscow), Russia's largest petrochemicals player. The MOC foresees Total taking a 12.08% stake in Novatek with provisions to increase the...

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