LiTotal Buys Novatek Stake For $4B

European oil company, Total, will acquire a 12% stake of Novatek for about $4 billion.

European oil company, Total, will acquire a 12% stake of Novatek for about $4 billion, AFP reports. The French energy giant is planning to raise the stake to 19.4% within three years. As per the agreement, Total has also acquired a 20% stake in the Yamal liquefied natural gas project in the Arctic. The deal is expected to be closed by April 2011.

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