French energy major Total will get a 10 percent stake in the future Arctic LNG-2 project led by Novatek, Novatek Chief Executive Leonid Mikhelson said on Thursday.
The entire project has been valued at $25.5 billion, Mikhelson told reporters, adding the deal was expected to close in the first quarter of 2019.
Total has an option to increase its stake in Arctic LNG-2 by a further 5 percent if Novatek decides to reduce its stake below 60 percent, Mikhelson said. Novatek currently plans to keep its stake in the project at 60 percent, he added.
Total owns almost 20 percent of Novatek shares.
Reporting by Oksana Kobzeva