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Yamal LNG secures €750 million credit line from Intesa Sanpaolo bank

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LNG Industry,

According to Reuters, the US$27 billion Yamal LNG project has secured a €750 million 14.5-year credit line from Intesa Sanpaolo bank.

The project is located northern Russia, and is planning to start LNG production operations in 2017. In April 2016, the project received loans from Chinese banks totalling US$12 billion.

Reuters reports that the loan from Intesa Sanpaolo bank pays an annual interest rate of six-month EURIBOR plus 2.5%, whilst SACE (the Italian export credit agency) and COFACE (the French export credit agency) provide an insurance coverage.

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