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Yamal LNG Signs Deal to Supply China With Gas for 20 Years

Source: The Wall Street Journal 5/20/2014, Location: Asia

Russia's natural gas company Yamal LNG signed a supply deal with China National Petroleum Corp., know as CNPC.

Under the contract, which underlines Russia's desire to diversify its energy supplies and increase the share of the Asian markets in its export, Yamal will supply 3 million metric tons of liquefied natural gas annually for 20 years.

The Yamal LNG project envisages the construction of an LNG Plant in northern Russia. The main shareholder in the project is Russia's largest independent gas producer Novatek (NVTK.LN), one of the largest shareholders of which is Gennady Timchenko--a close ally of Russian President Vladimir Putin who was put on a list of sanctions by the U.S. after Russia annexed the Ukrainian province of Crimea.

CNPC and French energy giant Total SA (TOT) each hold 20% in Yamal.

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