Bloomberg reported that OAO Novatek, Russia second biggest natural gas producer raised its stake in the Yamal LNG project to 100% as it prepares to invite foreign companies into the Arctic venture.

The company said in a statement without elaborating that Novatek exercised options it bought earlier this year and will make the remaining payments for the 23.9% and 25.1% stakes by June 30 2012.

Mr Evgeny Ambrosov senior executive vice president of state shipper OAO Sovcomflot said the gas producer plans to offer shares to future partners in the project to produce liquefied natural gas while retaining the 51% it had previously. Yamal LNG may need as much as USD 20 billion in investments not including spending on a tanker fleet to ship the fuel from the icebound waters. The project may be the world’s most complex undertaking of its kind.

The Tarko-Sale, Siberia based producer agreed to buy its 51% stake for USD 650 million in 2009. In July 2009 it paid USD 10 million for an option to buy the 23.9% stake for USD 450 million. This year in March, it paid USD 15 million for a call option to buy the 25.1% stake for USD 526 million.

(Sourced from Bloomberg)