Novatek-led Yamal LNG project has withdrawn the first tranche of financing secured under the loan agreement with two Chinese banks signed in April.
According to the project’s statement, the first tranche is in the amount of €0.45 billion and is provided by the China Development Bank and the Export-Import Bank of China.
The financing from the two Chinese banks is part of the project finance package totaling the equivalent of US$18.4 billion, of which more than $4.6 billion have already been withdrawn.
Earlier in June, Yamal LNG received the first tranche of financing in the amount of €1 billion provided by Sberbank and Gazprombank. Additionally, the project has already withdrawn funds in the amount of $2.3 billion provided by the National Welfare Fund of Russia.
Yamal LNG project will have a capacity to produce 16.5 million tons per annum once the construction is complete. First LNG from the facility’s Train 1 is scheduled for 2017.
Shareholders in the project are Novatek, as 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