NOVATEK signed a Heads of Agreement with TOTAL on the sale of a 10% participation interest in Arctic Transshipment LLC (“Agreement”).
Arctic Transshipment LLC is NOVATEK’s wholly owned subsidiary that will eventual operate two LNG transshipment complexes currently under construction in the Kamchatka and Murmansk regions. The transshipment complexes are part of NOVATEK’s logistical chain to optimize the use of the Arc7 ice-class tanker fleet, with the aim to ensure efficient and cost-effective LNG transportation from Arctic LNG 2 and other NOVATEK’s projects. LNG cargos will be transferred from the Arc7 ice-class LNG tankers to conventional tankers at each location. Each transshipment complex comprises of a floating LNG storage unit with a capacity of 360,000 cubic meters with two ship-to-ship transshipment points.