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CNOOC LIMITED

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Novatek plans to put up 60% in Arctic LNG 2 as collateral for financing

04/05/2021 | 01:11pm EDT

MOSCOW, April 5 (Reuters) - Russian largest liquefied natural gas producer Novatek said on Monday it plans to put up its 60% stake in Arctic LNG 2 project as collateral for long-term financing of the project.

Novatek seeks to raise $11 billion in external financing and has said it planned to get the funds by the first half of this year.

The $21 billion project, which received final investment approval in 2019, is expected to be launched in 2023 and to reach its full capacity of almost 20 million tonnes per year in 2026.

The project's equity partners include France's Total , China National Petroleum Corp, China's CNOOC and the Japan Arctic LNG consortium made up of Mitsui & Co and state-owned JOGMEC, formally known as Japan Oil, Gas and Metals National Corp.

Russia's Sberbank SBER.MM said in January it had approved financing of up to 3 billion euros ($3.5 billion) for the Arctic LNG 2.

($1 = 0.8464 euros) (Reporting by Vladimir Soldatkin Editing by Marguerita Choy)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CNOOC LIMITED -0.36% 8.36 End-of-day quote.16.43%
MITSUI & CO., LTD. -1.45% 2276.5 End-of-day quote.20.48%
SBERBANK -0.41% 287.84 End-of-day quote.6.17%
TOTAL SE -3.10% 36.86 Real-time Quote.7.76%
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Financials
Sales 2021 214 B 32 949 M 32 949 M
Net income 2021 54 140 M 8 332 M 8 332 M
Net Debt 2021 112 B 17 166 M 17 166 M
P/E ratio 2021 6,70x
Yield 2021 7,16%
Capitalization 373 B 48 089 M 57 440 M
EV / Sales 2021 2,26x
EV / Sales 2022 2,08x
Nbr of Employees 18 151
Free-Float 35,0%
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Mean consensus BUY
Number of Analysts 21
Average target price 9,93 CNY
Last Close Price 8,36 CNY
Spread / Highest target 63,3%
Spread / Average Target 18,8%
Spread / Lowest Target -5,07%
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NameTitle
Ke Qiang Xu Chief Executive Officer & Executive Director
Guang Jie Hu President & Executive Director
Wei Zhi Xie Chief Financial Officer
Dong Jin Wang Chairman
Xiaonan Wu Joint Secretary & Compliance Officer
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