Yamal LNG in search of alternative sources of finance amid U.S. sanctions
Yamal LNG OJSC is working on alternative sources of project financing amid the U.S. sanctions prohibiting U.S. persons from providing financing for Russian oil & gas projects with a maturity longer than 90 days, IAA PortNews journalist cites Yamal LNG Director General Yevgeny Kot, as saying at the 4th international conference Yamal Neftegaz arranged by Vostock Capital in Salekhard.
According to him, the shareholders continue financing of the project, By today, they have invested over $9 bln.
Major financing is supposed to come from the financial institutions of China (some $15 bln).
Yevgeny Kot said that the sanctions had not influenced the supplies of equipment and technologies under the project.
According to Yamal LNG Director General, the project LNG has already been contracted under long-term agreements.
Yamal LNG project envisages the construction of an LNG plant with annual capacity of 16.5 million tonnes per annum based on the feedstock resources of the South-Tambeyskoye field. The launch of LNG production is scheduled for 2017. Yamal LNG is currently owned by NOVATEK (60%), TOTAL (20%) and CNPC (20%).
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