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CNPC Buys Stake in Novatek’s Yamal LNG Project in Russian Arctic

China National Petroleum Corp. bought a 20 percent stake in OAO Novatek’s $20 billion Yamal liquefied natural gas project, aiding the Russian gas supplier’s bid to raise financing.

Novatek and CNPC closed the deal for an undisclosed sum today on the sidelines of the G-20 Summit in St. Petersburg, Russia, the same city where they signed a preliminary accord on the acquisition earlier this year. CNPC had pledged to purchase at least 3 million metric tons a year of liquefied natural gas from the Arctic project.