Oil & Gas
TotalEnergies to Buy 10% Stake in NOVATEK’s Arctic Transshipment
As part of Saint-Petersburg International Economic Forum, in the presence of Minister of Energy of the Russian Federation Mr Nikolay Shulginov, PAO
As part of Saint-Petersburg International Economic Forum, in the presence of Minister of Energy of the Russian Federation Mr Nikolay Shulginov, PAO NOVATEK signed a Share Purchase Agreement with TotalEnergies SE on the sale of a 10% participation interest in Arctic Transshipment LLC. NOVATEK’s Chairman Mr Leonid Mikhelson said “The transshipment facilities will ensure the optimal utilization of our ice tanker fleet and reduce the cost of transport to consuming markets for the Company's existing and future LNG projects. The entry of our long-term partner TotalEnergies into the LNG transshipment project will enhance the competitiveness of our joint projects and contribute to the successful development of our LNG logistics chain in accordance with best industry practices in environmental protection and climate change mitigation.”
Arctic Transshipment LLC is NOVATEK’s wholly owned subsidiary that will operate two LNG transshipment complexes currently under construction in the Kamchatka and Murmansk regions. The transshipment complexes are part of NOVATEK’s logistical chain to optimize the use of the Arc7 ice-class tanker fleet, with the aim to ensure efficient and cost-effective LNG transportation from Arctic LNG 2 and other NOVATEK’s projects. LNG cargos will be transferred from the Arc7 ice-class LNG tankers to conventional tankers at each location. Each transshipment complex comprises of a floating LNG storage unit with a capacity of 360,000 cubic meters with two ship-to-ship transshipment points.