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

2:31 AM MST | March 3, 2011 | Natasha Alperowicz

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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