Novatek: Yamal LNG closes NWF funding

Novatek, the operator of the Yamal LNG project informed on Tuesday that the second tranche of 15-year bonds in a total amount of RUB75 billion (USD 1.16 billion) has been issued by the Arctic project.

The bond issuance is a part of the government’s support program for the projects that suffered to acquire funding due to sanctions imposed on Russia.

The government is buying the Yamal LNG bonds through the Russian National Wealth Fund.

With the second tranche, Novatek’s Yamal LNG project will have received a total of RUB150 billion, (USD2.3 billion) from the NWF. The company requested the support in September last year.

Yamal LNG is a joint venture between Novatek (60 percent), Total (20 percent) and China National Oil & Gas Exploration and Development Corporation (20 percent) with China’s Silk Road Fund soon to complete the acquisition of 9.9 percent stake from Novatek.

First cargo from the 16 mtpa LNG project is expected in 2017.

LNG World News Staff