OAO Novatek and China National Petroleum Corp. (CNPC) concluded a framework agreement on cooperation within the Yamal LNG project, according to a news release.
The agreement provides for acquisition by CNPC of a 20% stake in the project, conclusion of a long-term contract for supply of at least 3 million tons of LNG per annum, and active assistance in organizing the provision of external financing for the project from the Chinese financial institutions, the release said.
The acquisition of a 20% stake in the project by CNPC is estimated to be closed by Oct. 1, 2013, according to the release.
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