OAO Novatek has announced the sale of a 9.9% equity stake in the Yamal LNG project to China’s Silk Road Fund for €1.087 million.
Following completion of the deal, Novatek holds a 50.1% share in the company, with the remaining shareholders comprising of Total S.A. (20%), CNPC (20%), and Silk Road Fund (9.9%).
As part of the transaction, Novatek received a 15-year loan from Silk Road Fund to finance the Yamal LNG project in December 2015.
The Yamal LNG project has a proposed capacity of 16.5 million tpy based on the feedstock resources of the South-Tambeyskoye field.
Edited from press release by Callum O'Reilly