Novatek to Bring CNPC Into Yamal LNG to Gain China Foothold

China National Petroleum Corp. agreed to acquire a 20 percent stake in OAO Novatek’s $20 billion Yamal LNG project, allowing Russia’s second-biggest natural gas producer access to the Asian market and aiding its bid to raise financing.

CNPC will join Novatek and France’s Total SA in the liquefied natural gas venture, which plans to ship at least 3 million metric tons of LNG a year to China under an accord signed today at the St. Petersburg International Economic Forum.