Baker Botts has advised Russian liquified natural gas producer PAO Novatek on the sale of a 10% participation interest in Arctic Transshipment LLC to TotalEnergies SE.
Financial details of the transaction were not disclosed.
According to Baker Botts, Arctic Transshipment is Novatek’s subsidiary that will operate two LNG complexes currently under construction in the Kamchatka and Murmansk regions in Russia. According to the firm, “the transshipment complexes are part of Novatek’s logistical chain to optimize the use of the Arc7 ice-class tanker fleet, with the aim to ensure efficient and cost-effective LNG transportation from Arctic LNG 2 and other Novatek projects.”
TotalEnergies SE is a Paris-based producer, refiner, and retailer of natural gas and oil products. The company was founded in 1924 and currently employs around 100,000 people.
The Baker Botts team included Moscow-based Partner Konstantin Litvinenko, Senior Associate Natalia Mikheeva, and Associate Nikolai Gryzunov and London-based Partner Rob Butler and Senior Associate Tom Edwards.
The firm did not reply to our inquiry about the deal.