Yamal LNG starts distribution of money to shareholders

MOSCOW, Jun 27 (PRIME) -- Yamal LNG, the liquefied natural gas (LNG) project of Russian independent gas producer Novatek, has started distribution of money to its shareholders, the company said in a statement on Thursday.

“Yamal LNG has successfully concluded the operational and logistical tests stipulated by the terms of the project’s external bank financing. Accordingly, the project can formally commence cash distributions to its respective shareholders…As of today, June 27, 2019, Yamal LNG made its first cash distribution to its shareholders,” the company said.

A representative of Novatek told PRIME that the company has started the payments under loan agreements in accordance with the established procedure.

The Yamal LNG facility with a capacity of 17 million tonnes of LNG and over 2 million tonnes of gas condensate annually is based on the Yuzhno-Tambeiskoye field on the northern 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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