OREANDA-NEWS. March 5, 2011. NOVATEK (NOVATEK and/or the Company) announced the selection of TOTAL S.A. (TOTAL) as the Company’s strategic partner for the development of the Yamal LNG Project (the Project).

NOVATEK and TOTAL have signed a Memorandum of Cooperation (the Memorandum) which provides for TOTAL to acquire a 20% participation interest in the Project. The Memorandum stipulates that both parties have defined the parameters of the Project’s strategic partnership and shall take steps to close the deal by the end of the first half of 2011.

 “TOTAL’s experience in implementing complex oil and gas projects, as well as their global presence in LNG markets, will significantly contribute to the Project’s overall performance and timely implementation” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Committee, during the signing of the Memorandum.