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Russia’s State Duma ratifies protocol to agreement with China on Yamal LNG

January 26, 18:43 UTC+3 MOSCOW
Under the protocol the obligations of the Russian side will imply raising of additional financing from international banks for the project, which is now at investment stage with big loan proceeds
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© Alexander Shalgin/Russian State Duma press service/TASS

MOSCOW, January 26. /TASS/. Russian State Duma’s (lower house of parliament) deputies ratified the protocol to the Agreement between the governments of the Russian Federation and the People’s Republic of China on cooperation in the implementation of the Yamal LNG project.

Under the protocol the obligations of the Russian side will imply raising of additional financing from international banks for the project, which is currently at investment stage with big loan proceeds.

Yamal LNG is a large scale project on creating a liquefied natural gas production facility with 16.5 mln tonnes per year capacity on the base of the resources in Russia’s Yamal peninsula. The project’s proven and probable gas reserves amount to 927 bln cubic meters. The project involves the creation of transport infrastructure, including a seaport and an airport near the Sabetta village (north-east of the Yamal Peninsula). The launch of LNG production is scheduled for 2017.

In mid-December 2015 China’s Silk Road Fund signed an agreement on purchase of a 9.9% stake in Yamal LNG from Novatek. The intergovernmental agreement between Russia and China on acquisition of shares in Yamal LNG by China’s Silk Road Fund was signed in early September 2015. Prior to the transaction Novatek’s share in the project equaled 60%, with French Total and China National Petroleum Corporation holding 20% each. After the transaction Novatek’s share will decrease to 50.1%.

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