Russia: NOVATEK Plans to Sell Half of Yamal LNG After FID

NOVATEK of Russia plans to sign contracts to sell half of the LNG produced from Yamal project after a final investment decision is made, Reuters reported, citing the company’s CEO Leonid Mikhelson.

“After we take a final investment decision and before we begin project financing, we plan to sign contracts with consumers and will contract out about 50 percent of the Yamal LNG project (gas). Signing contracts will open up project financing for us.”

He also said that a final investment decision is due by the end of 2012.

Yamal LNG, a 80% subsidiary of NOVATEK, is engaged in the engineering and design work for the construction of an onshore LNG facility located near Sabetta on the Yamal pensinsula.

The project is based on the resources of the South-Tambeyskoye field.

[mappress]
LNG World News Staff, June 26, 2012; Image: NOVATEK