Total Ups Interest In Novatek With Acquisition

Acquired additional 2% interest in company jointly developing Termokarstovoye Field in Russia.

By finalizing the acquisition of an additional 2% interest in Novatek for around $800 million, Total has increased its stake in Novatek to 14.09% of share capital.

This transaction was effective Dec. 7 and was finalized through the acquisition of shares from Novatek’s two main shareholders as per the agreement signed in March 2011.

Total is also Novatek’s main international partner on the Yamal LNG project with a 20% stake.

Novatek is the largest independent gas producer in Russia. Since 2009, Total and Novatek have been jointly developing the Termokarstovoye field.