The Silk Road Fund Co., Ltd., an investment fund to finance China-proposed "Belt and Road" initiative, and Russian company Novatek could sign a formal agreement on stake purchase with Yamal LNG project as early as December, said a local report citing a Russian high-rank official.
The Silk Road Fund would buy 9.9 percent shares of Yamal LNG project from Novatek with price tag at around 1.4 billion US dollars. The two sides have inked a framework agreement in this regard in early September. Novatek owns 60 percent of the Yamal Peninsula-based project's shares prior to the purchase, while French company Total and China National Petroleum Corporation hold 20 percent of its shares respectively.
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