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Russia's Yamal LNG received first €1 bln tranche from Russian banking consortium

June 10, 11:13 UTC+3
Funds from Russian banks are part of project financing in the amount equivalent to $18.4 bln, which also comprises resources from the Russian National Wealth Fund and Chinese banks
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© Alexander Semyonov/ITAR-TASS

MOSCOW, June 10. /TASS/. Yamal LNG received the first €1 bln tranche within the framework of the loan agreement signed with Sberbank and Gazprombank this April, the company said on Friday.

Funds from Russian banks are part of project financing in the amount equivalent to $18.4 bln, which also comprises resources from the Russian National Wealth Fund and China banks, Yamal LNG said.

Implementation of the project is on track, Chief Executive of Yamal LNG Evgeny Kot said. "Readiness of the first stage of the LNG plant is over 70%. The first LNG tank was hydrotested successfully and the largest modules for the first stage were sent from shipyards," he added.

Yamal LNG is a project based on the Yuzhno-Tambeiskoe field in the Arctic Russia. The design capacity is 16.5 mln tonnes of LNG per year. The project is scheduled to be launched in 2017 and will reach the design capacity in 2021. Its shareholders are Novatek (50.1%), Total (20%), CNPC (20%), and China’s Silk Road Fund (9.9%).

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