MOSCOW and LONDON, March 5, 2019 – A cross border team of Global Projects lawyers at Baker Botts, a leading international law firm, has acted for PAO Novatek (“Novatek”), one of the largest independent natural gas producers in Russia, on the sale of a 10% participation interest in the Arctic LNG 2 project. The transaction signed on 4 March and will close by the end of the first quarter of 2019.
The Arctic LNG 2 project envisages constructing three LNG trains, each with a capacity of approximately 6.6 million tons per annum, using gravity-based structure (GBS) platforms. The Project is based on the hydrocarbon resources of the Utrenneye field. Novatek estimates total project costs to be in the region of US$20 billion to US$21 billion.
The Baker Botts team that acted for Novatek included: Special Counsel Konstantin Litvinenko; Senior Associate Oleg Orekhov, and Associates Natalia Mikheeva and Nikolai Gryzunov, all of the Moscow office, and Partner Mark Rowley and Senior Associate Matt Lewy of the London office.
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