According to Reuters, the CEO of Novatek has confirmed that Russia’s Yamal LNG project remains on track and on budget. So far, the company and its partners have invested US$18.5 billion. In total, the project will require US$27 billion.
Reportedly, the project’s first phase, which includes partnership between Novatek, Total, CNPC and the Silk Road Fund, is scheduled to start operation in 2017, with the CEO saying that it is 76% ready.
Leonid Mikhelson, Chief Executive and major shareholder, reportedly said: “To date, we have resolved all issues related to Yamal LNG's financing.
"In my opinion, we should implement similar projects on our own, not using (Russia state) budget financing in the future."
Edited from various sources by David Rowlands