China National Oil and Gas Exploration and Development Co. (CNODC) has signed a binding agreement with Russia’s Novatek to buy a 10% stake in the Arctic LNG 2 project, Novatek said on April 25.
CNODC is a subsidiary of China National Petroleum Corp. (CNPC).
“The agreement is an important milestone in our Arctic LNG 2 project implementation as well as a continuation of our successful cooperation with CNPC,” Novatek's CEO Leonid Mikhelson said in a statement.
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