PRESS: Intesa Sanpaolo can mediate in Russia’s Yamal LNG loan

MOSCOW, Oct 24 (PRIME) -- Italy’s Intesa Sanpaolo can act as an agent in provision of a U.S. $200 million loan for Russian liquefied natural gas project Yamal LNG, business daily Kommersant reported on Monday, citing Chairman of the bank’s board of directors Antonio Fallico.

The Yamal LNG project initially envisaged financing from U.S. and European banks and exports agencies because it uses equipment from the U.S. and Europe, but in 2014 the key owner of the project gas producer Novatek was barred from foreign financing by sanctions.

Fallico said that Novatek could do without the loan, as the amount is small in the framework of the project, but it is important for Novatek to prove that it can receive European loans.

Patrick Pouyanne, CEO of Total, which owns 20% in Yamal LNG, said in July that the project’s shareholders continue talks with international credit agencies to take out a small tranche for the project. He said that out of a $20 billion financing, $18.4 billion had been raised for Yamal LNG at that time.

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