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Yamal LNG receives loans worth up to €425 million

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LNG Industry,

According to Reuters, Yamal LNG has signed agreements with a number of European banks on 14-year credit line facilities for the total amount of up to €425 million.

These agreements were signed with several banks, including Intesa Sanpaolo and Raiffeisen Bank International AG. Reuters reports that the annual interest rates range from six-month EURIBOR plus 1.75% to six-month EURIBOR plus 2.3%. Insurance coverage is reportedly provided by Euler Hermes – the German export credit agency – and EKN – the Swedish export credit agency.

According to Reuters, the new creditors have joined the terms of the project financing attracted earlier without increasing the overall amount.

Yamal LNG is a joint venture (JV) between Novatek, Total, CNPC and Silk Road Fund, and is involved in the construction of a 16.5 million tpy LNG plant.

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