Zhejiang Energy International Limited, a 100% subsidiary of China’s state-owned Zhejiang Energy Group, is acquiring 10% in YaTEC and Globaltec, companies of the Yakut Gas Project, from A-Property.
A-Property will continue managing the project including designing, building and operating, while the Chinese party will supply LNG to China in the framework of an offtake contract.
The estimated value of the Yakut Gas Project at the current stage is 5 bn euro. The deal may cost 500 mn euro and is expected to be closed in October 2022.