Novatek Suspends Talks With Potential Yamal LNG Partners

Russian gas producer OAO Novatek (NVTK.RS) said Tuesday it has temporarily suspended talks with potential foreign partners at Yamal LNG, as it awaits a green light from the government to go ahead with the project.

"We have suspended talks with foreign partners," said Novatek's Chief Financial Officer Mark Gyetvay.

The company expects a government decree regarding the Yamal LNG project to be finalized by the end of the year.

Novatek is planning to build an LNG terminal in Yamal in partnership with state gas firm OAO Gazprom (GAZP.RS). The Yamal LNG project will draw its resources from the South Tambeyskoye gas condensate field, in which Novatek holds 51%.

Foreign companies interested in taking a stake in the Yamal LNG project include Total SA (TOT), Royal Dutch Shell PLC (RDSA), ExxonMobil Corp. (XOM), ConocoPhillips (COP), GDF Suez SA (GSZ.FR), Mitsui & Co. Ltd. (8031.TO), Mitsubishi Corp. (8058), Repsol SA (REP.MC), India's Oil & Natural Gas Corp. (500312.BY) and Qatar Petroleum.

-By Jacob Gronholt-Pedersen, Dow Jones Newswires; +7 495 232 9197; jacob.pedersen@dowjones.com

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