Exec: Funding problems not to delay Russia’s Yamal LNG launch

MOSCOW, Mar 10 (PRIME) -- Problems with attracting financing for the Yamal liquefied natural gas (LNG) plant project will not affect the launch of its first stage scheduled for 2017, Stanislav Shevkunov, director of independent gas producer Novatek’s gas condensate processing department, told reporters Thursday.

“We are perfectly closing this program, even without additional external borrowings. The first stage will be closed without additional financing,” he said.

Novatek CEO Leonid Mikhelson said Wednesday that Yamal LNG shareholders expected to find external financing for the project in two to three months. Some agreements to borrow U.S. $20 billion from Russian, Chinese and other foreign banks have already been made, he also said.

The Yamal LNG project envisages construction of a 16.5-million-tonne LNG plant on the basis of the Yuzhno-Tambeiskoye field on the Yamal Peninsula. Novatek owns 60% in Yamal LNG, China’s CNPC and France’s Total own 20% each.

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