Riyadh – Mubasher: Saudi Aramco is reportedly in talks with Japan’s Mitsui & Co and Russian Sovereign Wealth Fund (RDIF) to buy a stake in Russia’s Novatek’s Arctic liquefied natural gas (LNG) 2 project, informed sources told Reuters.

Novatek owns a 90% of the major project, while France’s Total holds 10%, but Russia’s largest independent natural gas producer is planning to sell 30% stake in the project.

“Saudi Aramco is currently holding technical due-diligence. When the commercial talks approach, RDIF will join in,” three informed sources said, according to the international news agency.

Novatek projects to start producing LNG at Arctic LNG 2 in 2022-2023.

The plant is expected to cost around $25.5 billion and have an annual production capacity of 19.8 million tonnes.

Saudi Aramco and RDIF have declined to comment on the matter, Reuters noted.