Novatek secures Yamal LNG financing
MOSCOW, May 2, 2016 – Novatek has secured more than USD 12 billion in loans for the USD 27-billion Yamal LNG project in northern Russia, media reported on Monday. The company secured USD 10.58 billion from the Export–Import Bank of China and a USD 1.5-billion loan from the China Development Bank.
“[These] Agreements with the Chinese banks allow [us] to complete the project without additional funding by the shareholders,” Evgeniy Kot, Yamal LNG’s general director, said. The credit facility with the Export-Import Bank of China will run for a period of 15 years.
In March, China’s Silk Road Fund acquired a 9.9% stake in the venture, helping Yamal LNG and Novatek mitigate some of the pressures related to Western sanctions. The deal was first announced in September 2015.
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Image credit Novatek