Russian Novatek has sold 20% of its shares in the Yamal Peninsula LNG plant project to China National Petroleum Corporation (CNPC).
The deal was signed at the G20 meeting which started today in St Petersburg, Russia.
Privately owned Novatek will now own 60% shares in the project; Total holds the remaining 20% stake.
The Yamal LNG plant is due to start production in 2016 at an estimated 10million tons of gas per year.
It will be the second plant of the kind in Russia, after Gazprom’s Sachalin, and all production will be sent for export, mainly to the Asia-Pacific region.
The deal is expected to help fund the $10billion (£6.4billion) project.
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