Total turns to China for Yamal LNG funding

Total CEO Patrick Pouyanné

Total turns to China: The CEO of French oil & gas giant Total Patrick Pouyanné has told the Wall Street Journal  that he is looking to raise between $10bn and $15bn in project funding from Chinese investors to help it develop the $27bn Yamal LNG project in northern Russia. In the strongest indication yet of Total’s long-term commitment to the project despite the current sanctions regime,  Mr. Pouyanné said he aimed to have a financing agreement in place  by the middle of 2015 in either euros or yen. “It won’t be easy and we would have preferred [to secure the funding] in dollars,” he said. “There is a commitment there. “It’s now a question of terms and conditions and we are working on that.” He declined to name the potential investor