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NOVATEK applies for 100 billion roubles from National Wellbeing Fund for Yamal-LNG project

September 20, 2014, 14:47 UTC+3 SOCHI
Under the Yamal LNG project, the company will build a liquefied natural gas plant with the capacity of 16.5 billion tonnes a year
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SOCHI, September 20. /ITAR-TASS/. NOVATEK has applied for 100 billion roubles ($3.8 billion) from the National Wellbeing Fund for the Yamal-LNG project, Deputy Minister of Economic Development Nikolai Podguzov told reporters on Saturday.

Under the Yamal LNG project, the company will build a liquefied natural gas plant with the capacity of 16.5 billion tonnes a year. The first line is due in 2017. The proven and probable deposits in the field are estimated at 907 bcm. The project includes organisation of the infrastructures, which will include a sea port and an airport.

NOVATEK and its partners - Total and CNPC - have invested in the project 5.8 billion dollars as of July 31, 2014. NOVATEK’s Financial Director Mark Jetway said 95% of LNG in the project had been contracted already, and the site for the plant was ready by 75% Yamal-LNG’s shareholders will invest before the yearend another two billion dollars, NOVATEK’s CEO Leonid Mikhelson said.

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