Novatek's Yamal Joint Venture Makes First Gas Shipment

By FeaturesDow Jones Newswires

Novatek (NVTK.MZ) said Monday that its Yamal liquefied-natural-gas joint venture in Russia has shipped its first cargo.

The Russian natural-gas producer said the 170,000 cubic meter shipment was sold to Petronas LNG UK Ltd. Sales on a long-term contract basis are expected to begin in April 2018, before which all sales will be made on a spot basis, the company said.

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Novatek has a 50.1% stake in Yamal, while France's Total SA (FP.FR) and China Natural Petroleum Corp. both have 20% interests and China's Silk Road Fund has a 9.9% holding.

Shares in Novatek in Moscow at 1339 GMT were up 4.3 rubles ($0.07), or 0.6%, at 672.70 rubles.

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

(END) Dow Jones Newswires

December 11, 2017 09:06 ET (14:06 GMT)