UPDATE: Russia’s Novatek sells 10% in Yamal LNG to Chinese fund
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BEIJING, Dec 17 (PRIME) -- Russian gas company Novatek signed an agreement to sell a 9.9% interest in liquefied natural gas (LNG) producer Yamal LNG to China’s Silk Road Fund on Thursday.
Novatek CEO Leonid Mikhelson said that the Silk Road Fund provided a 700 million euro financing to the plant, fulfilling part of the agreement.
“We have already taken a project loan in the framework of a deal of the Silk Road Fund acquisition of a Yamal LNG stake. About 700 million euros,” Mikhelson said.
The 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. The project’s total cost stands at U.S. $26.9 billion.
Russian independent gas producer Novatek owns 60% in Yamal LNG, China’s CNPC 20% and France’s Total 20%.
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