Report: Russia’s Yamal LNG hopes to agree on loan in 2–3 mos

MOSCOW, Mar 9 (PRIME) – Shareholders of Russian liquefied natural gas (LNG) producer Yamal LNG expect it to find external financing for the $26.9 billion project in two to three months, CEO of the main shareholder Novatek Leonid Mikhelson told channel Rossiya 24 in an interview broadcast on Wednesday.

He said earlier that Novatek and other shareholders of Yamal LNG can take a large loan for the project. Some agreements to borrow U.S. $20 billion from Russian, Chinese and other foreign banks have already been made, Mikhelson said.

“We expect that the issue of external financing will be fully settled in the next two–three months,” Mikhelson 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. The first stage may be launched in 2017. Novatek owns 60% in Yamal LNG, China’s CNPC and France’s Total own 20% each. Novatek can sell 9.9% to China’s Silk Road Fund in March, according to earlier statements.

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