Kommersant business daily reported that Qatar, one of Russia key rivals on global gas markets may buy a stake in Russia largest independent gas producer Novatek and join its project for liquefied natural gas production on the Yamal Peninsula in the Arctic.

Mr Mohammed Saleh al-Sada Qatari Energy Minister said on the sidelines of a gas exporters' summit which concluded its work in the Qatari capital on Tuesday that "We are interested in purchasing a stake in Novatek and are simultaneously holding negotiations on the Yamal LNG project."

The minister also said that Qatar, the world's largest LNG producer and exporter had established Qatar Petroleum International for these purposes.

Mr Sergei Shmatko Russian Energy Minister said that Russia could cooperate with Qatari companies at all the stages of the Yamal-LNG project including its financing. He said that Qatar may be engaged in the project's financial and technical aspects and help in LNG marketing.

Mr Shmatko said Russia can also capitalize on the experience of Qatari companies in LNG logistics including the use of Qatar LNG shipping fleet, adding that the negotiations had already moved to the corporate level and the state would take efforts to expedite them.

Novatek confirmed to Kommersant that it was holding talks with Qatari firms on their possible participation in the Yamal LNG project. At the same time, the gas producer said no talks had been held on selling a stake in Novatek capital to Qatari companies.

(Sourced from Kommersant)