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TOKYO, October 8. /TASS/. France’s oil major Total is negotiating possible financing of its Yamal LNG liquefied gas project in Russia with Japan Bank for International Cooperation (JBIC) and other financial institutions, the Japanese newspaper Nikkei said on Thursday, citing Total CEO Patrick Pouyanne.
"We are working with various banks, including Japanese banks, with the help of credit agencies, including Japan Bank for International Cooperation, to raise the funds," he said in an interview with the newspaper. "We will have the funds available in the coming months."
He said financing of this project had become more problematic because of the sanctions, since the company could not use dollars.
Dropping crude oil prices have prompted Total to cut investment and costs. Thus, according to Pouyanne, investments will be cut to 23-24 billion U.S. dollars in 2015 against 28 billion in 2013.
The Total CEO is currently in Japan for talks with government organizations, private companies and bank to raise financing to its projects, including Yamal LNG.
Yamal-LNG is a large-scale project for the construction of a gas liquefying facility with a capacity of 16.5 million tonnes a year at the YUzhno-Tambeiskoye field on the Yamal Peninsula. The field’s proved probable reserves stand at 907 billion cubic metres. The project provides for the construction of transport infrastructure, including a seaport and an airport near the settlement of Sabetta (in the northeast of Yamal). The project is being implemented by Yamal-LNG OAO. Its shareholders are Russia’s Novatek (60%), France’s Total (20%), and China’s CNPC (20%). The plant’s phase one is to be commissioned in 2017.