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Baker Botts Acts for PAO Novatek on Sale of Minority Stake in Arctic LNG 2 to Total

Baker Botts Acts for PAO Novatek on Sale of Minority Stake in Arctic LNG 2 to Total

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Baker Botts has acted for PAO Novatek, one of the largest independent natural gas producers in Russia, on the sale of a ten percent participation interest in the Arctic LNG 2 project to Total S.A.. The transaction was signed on March 4, 2019, and it is expected to close by the end of the first quarter of 2019.

According to Baker Botts, "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 platforms. The project is based on the hydrocarbon resources of the Utrenneye field. Novatek estimates total project costs to be in the region of USD 20 billion to USD 21 billion."

The Baker Botts team acting for Novatek included Special Counsel Konstantin Litvinenko, Senior Associate Oleg Orekhov, and Associates Natalia Mikheeva and Nikolai Gryzunov, all from the firm's Moscow office, and Partner Mark Rowley and Senior Associate Matt Lewy of the London office.

Baker Botts did not reply to our inquiry about counsel for Total.

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