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Baker Botts Acts for PAO Novatek on the Sale of Arctic LNG 2 Stakes to CNOOC and CNPC

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MOSCOW and LONDON, June 12, 2019 – A cross border team of Global Projects and Energy lawyers at Baker Botts, a leading international technology and energy law firm, has acted for PAO Novatek (“Novatek”), one of the largest independent natural gas producers in Russia, on the sale of a 10% participation interest in the Arctic LNG 2 project to each of CNOOC Ltd. and China National Petroleum Corporation respectively. The Agreements will close in the near future subject to approval by regulatory authorities of the Russian Federation and the People’s Republic of China.

The Arctic LNG 2 project envisages constructing three LNG trains, each with a capacity of approximately 6.6 million tons per annum, using gravity-based structure (GBS) platforms. The Project is based on the hydrocarbon resources of the Utrenneye field.

The Baker Botts team that acted for Novatek included: Special Counsel Konstantin Litvinenko and Associates Natalia Mikheeva and Nikolai Gryzunov of the Moscow office, and Partner Mark Rowley, Senior Associate Matt Lewy and Associate Alex Kerr of the London office.

 

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