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French Firm Total Buying Stake In Russian Gas Supplier

The French energy giant Total will pay around $4 billion for a 12 percent share in the Russian gas supplier Novatek.

Under the deal signed in Moscow, Total's stake in Novatek would rise to more than 19 percent over the next three years in what was described as a "strategic partnership" between the French and Russian firms.

The accord will also give Total a 20 percent share in the Yamal liquefied natural gas project in the Arctic.

compiled from agency reports