CNOOC, CNPC and Mitsui-backed, Japan Arctic LNG completed 30% acquisition in $21bn Arctic LNG-2 from Novatek.

CNOOC, China’s National Petroleum Corporation and Japan Arctic LNG, a consortium comprising of Mitsui and Japan Oil, Gas and Metals National, completed 30% acquisition in $21bn Arctic LNG-2 from Novatek, an oil and natural gas asset firm. “We now have formed the structure of the Project’s participants by successfully closing the sale of interests in Arctic LNG 2. The target level of Novatek’s participation has been reached, allowing us to make the final investment decision and optimally use the Company's cash flow to finance our new projects,” Leonid Mikhelson, Novatek's Chairman of the Management Board.