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Yamal LNG project to receive Chinese funding in May 2016

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LNG Industry,

According to Reuters, the Yamal LNG project will receive approximately US$10 billion in loans from Chinese banks in May 2016. The Russian LNG project is expected to commence production in its first train in 2017. Overall, the project will have three trains, each of which will have a capacity of 5.5 million tpy of LNG.

Yamal LNG is owned by Novatek (50.1%), Total (20%), China National Petroleum Corp. (20%) and China’s Silk Road Fund (9.9%). The First Vice President of CNPC, Wang Zhogcai, reportedly said: “It has been almost decided, the talks with the banks are underway.”

It was also recently reported that the Yamal LNG project has agreed terms of a loan worth €3.6 billion from Gazprombank and Sberbank. The loan will have last for 16 years and have an interest rate set at six-month Euribor plus a margin of up to 4.8%.

Edited from various sources by David Rowlands

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