UPDATE: Novatek CFO says Yamal LNG 1st stage ready by 94%

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MOSCOW, Jul 27 (PRIME) -- The first stage of Russia’s Yamal LNG liquefied natural gas plant is 94% ready and the entire project is 85% complete, independent gas producer Novatek CFO Mark Gyetvay said in a presentation seen by PRIME on Thursday.

The executive also said that the company still plans to launch the plant’s first stage until the end of 2017.

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 holds 50.1% in the project, France’s Total has 20%, China’s CNPC owns 20% and China’s Silk Road Fund holds 9.9%.

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