CNPC Purchases Stake in Arctic LNG 2

China Natural Petroleum Corporation purchased a 10% stake in the Arctic LNG 2 project through a Share Purchase Agreement signed with PAO NOVATEK. Closure on the agreement is subject to regulatory approval.

Arctic LNG 2 LLC is the second largest onshore conventional natural gas project led by NOVATEK, drawing from the Utrenneye gas field. It will consist of three LNG trains running at 6.6 million tons per annum (mtpa) each.