Chinese banks rubber stamp 15-year €9.3bn Yamal LNG loan

Yamal LNG

Yamal LNG loan: The  China Exim Bank and the China Development Bank yesterday signed a loan agreement with the Yamal LNG consortium which commits them to extending a 15-year, €9.3bn loan for the development of  the liquefied natural gas plant at Sabetta on the Yamal Peninsula in Arctic Russia.
“The project is being implemented in accordance with the approved schedule …..and we are in the most intense stages of construction and installation work,” Yamal LNG Director General said after the loan was confirmed. “The signing of agreements with the Chinese banks [will allow us] to complete the project without additional funds from the  shareholders.”
The plant  will eventually have an annual production facility of 16.5m tonnes. Novatek, Russia’s largest independent natural gas producer, holds a 50.1% stake in the consortium whose other members are Total (20%), CNPC (20%) and  the Silk Road Fund (9.9%).

Source: Interfax