Russia’s largest independent gas producer Novatek said Tuesday it has completed the sale of a 9.9% equity stake in the $27 billion Yamal LNG project to China’s Silk Road Fund. The deal is worth 1.08 billion euros ($1.2 billion).
Following the deal completion, Novatek owns a 50.1% stake in the giant LNG project, while Total and CNPC have 20% each.
Earlier in December 2015, as part of the transaction, Novatek received a 15-year loan worth about 730 million euros from SRF for the financing of the Artic LNG project.
Yamal LNG project includes the construction of a liquefaction plant with annual capacity of 16.5 million tons per annum based on the feedstock resources of the South-Tambeyskoye field.
The production from the LNG project is scheduled to start in 2017.
1 Euro = 1.1118 U.S. dollars
LNG World News Staff