Total’s Acquisition of 10% Interest in PAO Novatek Arctic LNG 2

Baker Botts acted for PAO 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.

The transaction signed on 4 March and will close by the end of the first quarter of 2019.

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. Novatek estimates total project costs to be in the region of US$20 billion to US$21 billion.

PAO Novatek – an independent oil and gas company – engages in the acquisition, exploration, development, production, processing, marketing, and export of natural gas and liquid hydrocarbons. It principally holds interests in reserves located in the Yamal-Nenets Autonomous Region, Western Siberia.

The Baker Botts team that acted for Novatek included: Special Counsel Konstantin Litvinenko (Picture); Senior Associate Oleg Orekhov, and Associates Natalia Mikheeva and Nikolai Gryzunov, all of the Moscow office, and Partner Mark Rowley and Senior Associate Matt Lewy of the London office.

Involved fees earner: Nikolai Gryzunov – Baker Botts; Matt Lewy – Baker Botts; Konstantin Litvinenko – Baker Botts; Natalia Mikheeva – Baker Botts; Oleg Orekhov – Baker Botts; Mark Rowley – Baker Botts;

Law Firms: Baker Botts;

Clients: PAO Novatek;

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