On June 7th, PetroChina Co., Ltd and China National Offshore Oil International Co. Ltd (CNOOC), two China-based petroleum titans, signed share purchase agreements for Arctic LNG 2 Project separately with Novatek Co., Ltd - Russia’s biggest independent natural gas producer.

Wang Yilin, board chairman of PetroChina, signed Share Purchase Agreement for Arctic LNG 2 Project between PetroChina’s China National Oil and Gas Exploration and Development Company Ltd. (CNODC) and Novatek Co., Ltd with Leonid Mikhelson, Chairman of Management Committee of Novatek in St.Petersburg.

On the same day, CNOOC announced that the company and its wholly-fund subsidiary CEPR Limited also signed a share purchase agreement with Novatek and its wholly-owned affiliate Ekropromstroy Limited Liability Company, in which, CEPR will buy into 10% of the shares of Arctic LNG 2 LLC held by Ekropromstroy.

According to the agreements, the acquisition progress will depend on the approval time of Russian and Chinese government departments and other preconditions. The acquisition is expected to be completed in the near future.