Total increases its share in Novatek against the background of sanctions

From the beginning of this year, French Total has increased its stake in Novatek to 19.9%, the magazine Forbes reported, referred to sources close to the both companies. The amount of the stake could be more, if its increase to 20% and above it does not require the approval of the governmental commission for control over foreign investments.

Total increased its stake in Novatek to secure its participation in the joint venture with the Russian oil and gas company, one of sources explains. Together with China's CNPC, the partners prepare to launch a project on the development of the South-Tambeyskoye gas condensate field and Yamal LNG in 2017. Yamal LNG is one of four companies that received the exclusive right to export liquefied natural gas.