Report: Chinese banks to put up $10 bln for Yamal LNG

Report: Chinese banks to put up $10 bln for Yamal LNG

Novatek-operated Yamal LNG project in Russia is close to securing around US$10 billion in loans from Chinese banks, according to China National Petroleum Corp’s first vice president Wang Zhongcai.

He was quoted by Reuters as saying that the talks with the banks are under way and that the financing would be closed during May.

The project recently received a $4.1 billion loan from Sberbank and Gazprombank that, together with the 9.9 percent stake sale to China’s Silk Road Fund, already brought the project’s financing above $20 billion.

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.

 

LNG World News Staff

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