Russian Vnesheconombank, the bank for development and foreign economic affairs, provided a guarantee for $3 billion of loans secured by the Novatek-led Yamal LNG project.
VEB said in its statement, the guarantee would attract foreign investment in the project that is of strategic importance for Russian economy.
Novatek last week approved a series of transactions related to Yamal LNG. The project has secured over $18 billion in loans, and Novatek informed that $4 billion have already been withdrawn.
These include full NWF funding in two tranches and a recently withdrawn first tranche through the Sberbank, Gazprombank loan deal.
Shareholders in the 16.5 mtpa Yamal LNG project, that is scheduled to begin production in 2017, are Novatek 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.
LNG World News Staff