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Novatek closes transaction on Yamal LNG 9.9% stake sale to Silk Road Fund

March 15, 2016, 17:51 UTC+3

The payment for the stake amounted to €1.087 bln

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© Piotr Tsirendorzhiev/ITAR-TASS

MOSCOW, March 15. /TASS/. Novatek closed the transaction on sale of 9.9% stake in Yamal LNG project to the China’s Silk Road investment fund. The payment for the stake amounted to €1.087 bln, the Russian gas producer said on Tuesday.

The project shareholding structure after the deal completion is: Novatek - 50.1%, Total - 20%, CNPC - 20%, and the Silk Road Fund - 9.9%. Novatek received a 15-year loan from the Silk Road Fund for project financing purposes in December 2015 within the transaction framework.

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 launch of LNG production is scheduled for 2017.

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