Yamal LNG’s total debt financing is estimated at US$18 to $19 billion, according to Leonid Mikhelson, CEO of the project’s operator Novatek.
He added that the project is set to secure additional external financing soon, Reuters reports.
First vice president of China National Petroleum Corp, a partner in the project, Wang Zhongcai was recently quoted as saying that talks have started regarding $10 billion in loans with Chinese banks.
The project had already secured $4.1 billion loan from Sberbank and Gazprombank which was also confirmed at Novatek’s annual general meeting of shareholders.
Shareholders in the Yamal LNG project include Novatek with a 50.1 percent stake, Total and CNPC with a 20 percent stake each and SRF with a 9.9 percent stake.
The 16.5 mtpa facility is expected to start producing liquefied natural gas from its Train 1 during 2017.
Novatek’s new board of directors
During the annual general meeting held on Friday Novatek elected a new board of directors comprising:
- Andrei I. Akimov: Chairman of the Management Board of Gazprombank, Member of the Board of the Association of Russian Banks;
- Burckhard Bergmann: Member of the Board of Directors of Telenor ASA, Member of the International Advisory Board of Dana Gas;
- Michael Borrell: Senior Vice-President of Total Exploration & Production for Europe and Central Asia;
- Robert Castaigne: Member of the Board of Directors of Societe Generale, Vinci and Sanofi;
- Leonid V. Mikhelson: Chairman of Novatek’s Management Board;
- Alexander Y. Natalenko: Honored Geologist of the Russian Federation and State Prize Laureate;
- Viktor P. Orlov: President of the Russian Geological Society, Chairman of the Science and Engineering Board of AO Rosgeologia, Laureate of the State Prize of the Russian Federation in the field of science and technology;
- Gennady N. Timchenko: Member of the Board of Directors of SIBUR Holding, Chairman of the French and Russian Companies Economic Board of the Franco-Russian Chamber of Commerce, Russian Co-Chair of the Russian-Chinese Business Council; and
- Andrei V. Sharonov: Dean of SKOLKOVO Moscow School of Management.
Alexander Natalenko was elected chairman of the board during the first meeting that followed the AGM, while members of three board committees have also been elected.
LNG World News Staff