Total CEO says first Yamal LNG cargo expected by October

Total Chief Executive Patrick Pouyanne said on Thursday that the first shipment from the $27 billion Yamal LNG project it is developing in Russia with Novatek could be sent before October this year.

Pouyanne said during a presentation to investors on Total’s 2016 financial results that Novatek’s CEO Leonid Mikhelson told him that the first LNG shipment would leave the facility by October.

“Mister Mikhelson promised to me that they will deliver LNG by October 2017… I trust him…,” Pouyanne said during the presentation.

The liquefied natural gas project in the Yamal peninsula in Siberia is expected to produce a total of 16.5 million tonnes of LNG per year. Almost all of the volumes from the project have already been contracted.

Shareholders in the Yamal LNG project are Novatek, as the operator 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