According to Reuters, China Development Bank and Export-Import Bank of China have provided the first €450 million tranche of financing for the Yamal LNG project. The 15-year deals were signed with the banks in April.
In June, Reuters reported that the Novatek-led project had received its first financing tranche from Sberbank and Gazprombank worth €1 billion – part of a total loan worth €3.6 billion. Later in the month, Reuters reported that VEB – a Russian development bank – had confirmed that it would provide a guarantee of US$3 billion of debt to the project.
The Yamal LNG project is expected to commence LNG production in 2017.
According to Reuters, VEB – the Russian development bank – has confirmed that it has provided a guarantee of US$3 billion of debt to the Novatek-led Yamal LNG project.