Construction on Novatek’s giant Yamal liquefied natural gas (LNG ) project in Russia is moving forward with the project’s plant around 88 percent complete, according to Russian Energy Minister Alexander Novak.
“Overall, the project is more than 75 percent complete now and the first stage [the liquefied natural gas production plant] is around 88 percent complete,” Novak said on Wednesday during a telephone conversation with Nur Bekri, Director of China’s National Energy Administration and Deputy Chairman of the country’s National Development and Reform Commission.
Novak and Bekri also discussed a timetable for upcoming bilateral contacts on energy issues, a statement by Russian Energy Ministry said.
Last week, Total Chief Executive Patrick Pouyanne said 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.
The LNG 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 LNG project have already been contracted and the project is fully financed .
Shareholders in the Yamal LNG project are Novatek, as the operator with a 50.1 percent stake, CNPC and Total with a 20 percent stake each and China’s Silk Road Fund with a 9.9 percent stake.
LNG World News Staff