Novatek approves Yamal LNG financing
Series of Yamal LNG related transactions have been approved at an extraordinary general meeting of shareholders of the project’s operator Novatek.
The company informed in its statement on Tuesday that the approved transactions and agreements relate to obtaining project financing with the participation of Russian and international financial institutions in the amount of up to US$19 billion.
The project has concluded agreements with the National Welfare Fund of Russia in the amount of $2.3 billion and Sberbank and Gazprombank of Russia in the amount of $4.1 billion.
Novatek noted that more than $4 billion have already been withdrawn. These include full NWF funding in two tranches and a recently withdrawn first tranche through the Sberbank, Gazprombank loan deal.
The latest loan agreement was signed with Export-Import Bank of China and the China Development Bank for over $12 billion, which brings the total to $18.4 billion.
Shareholders in the 16.5 mtpa Yamal LNG project, that is scheduled to begin production in 2017, are Novatek with a 50.1 percent stake, CNPC and Total with 20 percent stake each and China’s Silk Road Fund with a 9.9 percent stake.
LNG World News Staff