NOVATEK says the Extraordinary General Meeting of Shareholders (“EGM”) held yesterday resolved to approve a series of related party transactions.
The approved transactions and agreements relate to obtaining project financing for the Yamal LNG project with participation of Russian and international financial institutions in the amount of up to USD 19 billion.
As of today, Yamal LNG has concluded loan agreements in relation to financing from the National Welfare Fund of Russia as well as project financing agreements with Sberbank, Gazprombank, Export-Import Bank of China and the China Development Bank for the amount equivalent to USD 18.4 billion, of which more than USD 4 billion has already been withdrawn.
Yamal LNG is involved in the construction of the 16.5 million tons per annum natural gas liquefaction plant on the base of the hydrocarbon resources of the South-Tambeyskoye field. First LNG production is scheduled for 2017. Yamal LNG shareholders are: NOVATEK (50.1%), CNPC (20%), Total (20%), and Silk Road Fund (9.9%).
OAO NOVATEK is Russia’s largest independent gas producer and the second-largest natural gas producer in Russia. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company’s upstream activities are concentrated in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s gas production and approximately 16% of the world’s gas production. NOVATEK is an open joint stock company established under the laws of the Russian Federation. The Company’s shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol «NVTK».