By Adria Calatayud

Russia's Novatek said Thursday that it has signed an agreement with France's TotalEnergies SE on the sale of a 10% interest in its Arctic Transshipment LLC subsidiary.

The Russian energy company didn't disclose the terms of the deal.

Arctic Transshipment will operate two liquefied natural gas transshipment complexes currently under construction in the Kamchatka and Murmansk regions of Russia as part of Novatek's logistical chain, the company said.

"The transshipment facilities will ensure the optimal utilization of our ice tanker fleet and reduce the cost of transport to consuming markets for the company's existing and future LNG projects," Novatek Management Board Chairman Leonid Mikhelson said.

Novatek separately said it has signed a memorandum of understanding with TotalEnergies to cooperate on decarbonization, hydrogen and renewables.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

June 03, 2021 09:37 ET (13:37 GMT)

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