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Total to Buy $4 Billion Novatek Stake, Enter Yamal Project

Total SA, Europe’s third-biggest oil company, agreed to buy 12 percent of OAO Novatek and join the Yamal LNG project to snap up reserves as international energy producers rush to explore Russia’s Arctic resources.

“It is a good deal that has great potential,” Prime Minister Vladimir Putin said at his residence near Moscow late yesterday after the heads of Total and Novatek signed accords.