Russia's Novatek sells 9.9% in Yamal LNG to Chinese fund

MOSCOW, Mar 15 (PRIME) -- Russian independent gas producer Novatek has closed a deal to sell 9.9% in its liquefied natural gas (LNG) project Yamal LNG to China’s Silk Road Fund (SRF) for 1.087 billion euros, Novatek said in a statement Tuesday.

“Following the deal completion, the shareholder structure of the project is as follows: Novatek – 50.1%, Total S.A. – 20%, CNPC – 20%, SRF – 9.9%,” the company said.

In December 2015, Novatek received an about 730 million euro 15-year loan from the fund in the framework of the deal for the goal of financing the project.

The Yamal LNG project envisages construction of a 16.5-million-tonne liquefied natural gas (LNG) plant on the basis of the Yuzhno-Tambeiskoye field on the Yamal Peninsula. The first stage may be launched in 2017. The project’s total cost stands at U.S. $26.9 billion.

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