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Total SA will take 10% stake in a multi-billion-dollar liquefied natural gas project in Russia’s frozen north from Novatek PJSC.
Total is aiming to become a key global LNG player, competing with Royal Dutch Shell Plc and ExxonMobil Corp., after it snapped up assets from Engie SA last year. The world’s biggest oil companies are also promoting cleaner-burning natural gas as they attempt to stay profitable, and relevant, in a world that’s increasingly demanding less polluting fuels. For Novatek, Total’s involvement would provide much needed funds for a venture that may cost as much as $20 billion.
Total and Novatek have already teamed up at the Yamal LNG project, which started output last year |
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