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Yamal LNG receives first €450 million tranche from Chinese banks

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LNG Industry,

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

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