Leonid Mikhelson's deal with France's Total has more Europeans sharing his wealth in the Russian Arctic.
Leonid Mikhelson, billionaire and chief executive officer of Novatek. The cold Arctic and Siberia are making him richer than ever. Photographer: Andrey Rudakov/Bloomberg © 2018 Bloomberg Finance LPbillionaire list, Leonid Mikhelson, became even richer on Tuesday after selling a 10% stake in its Arctic LNG project to France’s Total.Novatek inked a $2.
Recent exploratory drilling confirmed significant reserve growth at the project’s Utrenneye field located in Western Siberia. Arctic LNG-2 is Novatek’s second-largest LNG project after the Yamal project in northern Russia. American firms are sanctioned from providing any technical equipment used in the extraction of hydrocarbons in Russia’s Arctic. ExxonMobil was banned and later fined by the Obama administration for its joint venture with Rosneft in Russia’s Kara Sea, near the Yamal peninsula where Mikhelson is setting up an Arctic throne for Novatek.
Novatek will be looking for more corporate partners for Arctic LNG-2. An American oil and gas company will not be one of them.
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