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LiTotal Buys Novatek Stake For $4B

European oil company, Total, will acquire a 12% stake of Novatek for about $4 billion.

    European oil company,Total, will acquire a 12% stake ofNovatekforabout $4 billion,AFPreports. The French energy giant is planning to raise the stake to 19.4% within three years.

    As per the agreement, Total has also acquired a 20% stake in the Yamal liquefied natural gas project in the Arctic. The deal is expected to be closed by April 2011.

    Click here for the story fromAFP.

    Click here for the additional coverage fromReuters.

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