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Russian government to support Yamal LNG project — Putin

Novatek has been experiencing limitations of the project's financing because of sanctions, the company's head Leonid Mikhelson said
Russia’s President Vladimir Putin and Novatek’s CEO Leonid Mikhelson  TASS/Mikhail Klementiev
Russia’s President Vladimir Putin and Novatek’s CEO Leonid Mikhelson
© TASS/Mikhail Klementiev

MOSCOW, October 31. /TASS/. Russia’s President Vladimir Putin said the government will support the Yamal LNG project.

On Thursday night, Novatek’s CEO Leonid Mikhelson reported to the president on the implementation of the project.

“Due to the sanctions, of course, we have been experiencing limitations on financing the project, as Novatek is on the sanctions list,” the company’s head said. “Possible attraction of the financing from the National Wellbeing Fund will not be that large — it may make 18% of the required financing. But it is most important everyone may see the government is supporting the project.”

“We have discussed outside financing with all banks, mostly with Chinese banks, with our banks. We hope by the end of the current year we shall be able to prepare all credit documents so that in the first, in the second year, about within first six months, we could open financing from abroad. Until then, the shareholders have sufficient financial opportunities to observe the timing. The target time — year 2017 — we confirm it and will follow the objective,” he said.