Novatek, the operator of Yamal LNG project expects to have the external financing secured in the next two to three months, company’s CEO Leonid Mikhelson was cited as saying by Interfax on Wednesday.
The joint venture between Russia’s Novatek, Total of France, and China National Oil & Gas Exploration and Development Corporation secured additional funding through the sale of a 9.9 percent stake to China’s Silk Road Fund in September last year.
It has also closed the funding provided by the government through the Russian National Wealth Fund in the amount of US$2.3 billion. Total funding including that provided by the project shareholders currently amounts to $15 billion.
In September last year, it was reported that the project is expected to receive a $12 billion loan from Chinese banks which would close the project’s expected $27 billion financing.
The 16.5 mtpa LNG project is scheduled to start production in 2017.
LNG World News Staff