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Russian Company Sells Stake In Gas Project To Chinese Firm


The Yamal gas fields are in Siberia, north of the Arctic Circle, and special technology is being used to make the Sabetta port accessible year-round.
The Russian natural-gas company Novatek says it has sold part of a massive project to a Chinese company.

Novatek said it sold a 20 percent stake in its Yamal liquefied-natural-gas project to a subsidiary of the China National Petroleum Corporation.

Novatek did not say how much the deal was worth but board Chairman Leonid Mikhelson said adding the Chinese company "allows us to successfully and timely complete the project."

Novatek is Russia's largest independent gas producer and the enormous gas fields on the Yamal Peninsula are its prized asset.

The Yamal gas fields are in Siberia, north of the Arctic Circle, and special technology is being used to make the Sabetta port accessible year-round.

With reporting by ITAR-TASS
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