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.
Edited from various sources by David Rowlands
Read the article online at: https://www.lngindustry.com/liquefaction/30062016/yamal-lng-receives-first-450-million-tranche-from-chinese-banks-2676/