A Sale and Purchase Agreement (SPA) has been signed between Total Energies and Novatek for 10% of Arctic Transshipment LLC.

Arctic Transshipment LLC, a wholly owned subsidiary of Novatek, will operate two LNG transhipment terminals being built in the Murmansk and Kamchatka regions of Russia.

Each including a 360,000 m3 floating storage unit (FSU) and two ship-ship-transfer kits (STS), they will assist with the transhipment of LNG on the iced waters of the Arctic Ocean.

With emissions in mind, the FSU and STS will help limit the use of large Arc7 ice class LNG carriers.

Speaking at the Saint Petersburg International Economic Forum, Chairman and CEO of TotalEnergies, Patrick Pouyanné said, “We are pleased to have signed this acquisition with Novatek, our long-standing strategic partner, which is in line with our strategy of integration along the entire LNG value chain.”

“These terminals mark an important step in the advancement and consolidation of the Arctic LNG 2 project, and will contribute to the safe and sustainable export of cargoes from our existing and developing Yamal projects.”

As a 19.4% shareholder in Novatek, TotalEnergies also hold a 20% stake in Yamal LNG, a project that, since late 2017, produced more than 18.8 million tonnes of LNG in 2020.