Novatek CEO: Chinese funds for Yamal LNG after May

Yamal LNG could wait beyond May to receive loans from Chinese banks, according to the project operator’s CEO Leonid Mikhelson. 

China National Petroleum Corp’s first vice president Wang Zhongcai, was recently reported as saying the project has entered talks with Chinese banks regarding US$10 billion in loans which are expected to be concluded during May.

However, Mikhelson said that loans from China will be secured a bit later, Reuters reports.

Mikhelson on Friday said the total debt financing for Yamal LNG is estimated at $18 to $19 billion.

Shareholders in the Yamal LNG project include Novatek with a 50.1 percent stake, Total and CNPC with a 20 percent stake each and SRF with a 9.9 percent stake.

The 16.5 mtpa facility is expected to start producing liquefied natural gas from its Train 1 during 2017.

LNG World News Staff