Chinese banks provided €780 million during the month of July for the Novatek-operated Yamal LNG project, Reuters reports, citing the project’s accounting data.
The funds received during July follow the €450 million (approx. US$507.3 million) received in late June.
In April, Yamal LNG signed agreements with the Export-Import Bank of China and the China Development Bank on two 15-year credit line facilities for the total amount of €9.3 billion (approx. $10.58 billion) and RMB9.8 billion (approx. $1.51 billion).
The financing from the Chinese banks is part of the project finance package totaling the equivalent of $18.4 billion, of which more than $4.6 billion have already been withdrawn by the end of June.
Yamal LNG project will have the 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 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.
1 EUR = 1.12746 USD
LNG World News Staff