Report: Yamal LNG’s Train 1 to start without additional financing

Yamal LNG’s first liquefaction train will be launched without additional financing, according to Novatek’s department head Stanislav Shevkunov. 

The company intends to bring the first train, with the capacity to produce 5.5 million tons of LNG per year, online in 2017 as planned, Shevkunov told the media on Thursday, Reuters reports.

Novatek, together with its partners Total of France, and China National Oil & Gas Exploration and Development Corporation is looking to add an additional US$12 billion loan from Chinese banks in order to close the project’s financing.

The company’s CEO Leonid Mikhelson was reported as saying on Wednesday that the company expects to have the external financing secured in the next two to three months.

The project will have three trains with a total production capacity of 16.5 million tons per year.

LNG World News Staff