Russian gas producer Novatek and French energy corporation have signed two memorandums on the establishing of mutually beneficial strategic cooperation in the Russian energy sector. Specifically, the agreements envisage cooperation between the companies in facilitating the French partner joining the Yamal LNG project, where it can acquire up to a 20% stake, and the acquisition of a 12% stake in Novatek by the French energy giant.
The documents were signed by Novatek President Leonid Mihelson and Total President Christophe de Margerie at the presence of Russian Prime Minister Vladimir Putin. Commenting on these agreements, Putin noted that Total has been working with Russia’s top energy companies — Gazprom, Rosneft and Zarubezhneft — for years, and is now teaming up with Novatek. “This is a good deal with huge prospects.”
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