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Yamal LNG financing in final stage

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LNG Industry,

Reuters reports that the Chairman of Gazprombank – Andrey Akimov – has said that a deal to raise financing for the Russian Yamal LNG project is in the final phase.

Gazprombank and Sberbank are both co-lenders to the Yamal LNG project, whilst the state development bank, VEB, has promised US$3 billion to the project in banking guarantees.

According to Reuters, Akimov claimed that US$12 billion is to be lent from the Chinese lenders, US$4 billion from the Russian banks, and an additional US$4 billion is to come from export credit agencies. Akimov plans to fly to China in early November 2015 in order to discuss the deal further.

This follows the recent announcement made by Patrick Pouyanne – the Chief Executive of Total – who claimed that the financing of the project was on track. Total owns 20% of the Yamal LNG project joint venture (JV), with China National Oil & Gas Exploration and Development Corp. (CNODC) also holding 20%, and Novatek with the main 60%.

Edited from various sources by David Rowlands

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