Novatek pledges 15% in Arctic LNG-2 to Sberbank as collateral

MOSCOW, Mar 5 (PRIME) -- Russian gas producer Novatek has pledged 15% in liquefied natural gas project Arctic LNG-2 to Sberbank as collateral under a credit line agreement signed on February 28, as seen by PRIME on Tuesday in the materials of the Unified State Register of Legal Entities.

Other details of the deal were not disclosed.

The Arctic LNG-2 plant will be launched in 2022–2025 and fields of the Gydan Peninsula in the north of West Siberia will become its resource base. The cost of the plant is U.S. $27 billion. The facility is expected to produce 19.8 million tonnes of LNG per year. Earlier on Tuesday, Novatek signed a deal to sell 10% in the project to France’s Total.

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