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Medvedev signs resolution on allocating 150 bln roubles to Yamal LNG

Funds allocated from the National Welfare Fund

MOSCOW, December 30. /TASS/. Russian Prime Minister Dmitry Medvedev has signed a resolution on allocating 150 billion roubles (2.6 billion U.S. dollars) from the National Welfare Fund to Yamal LNG Co., the official legal information website said on Tuesday.

Under the document, the sum will be allocated in exchange of Yamal-LNG shares.

The document was signed on December 27, 2014. It amends the government resolution on the construction of a liquefied gas facility at the South Tambeisky gas condensate field on the Yamal peninsula.

The facility’s designed capacity is to reach 16.5 million tonnes. Stage one is scheduled to be launched in 2017. The project cost is estimated at about 27 billion U.S. dollars. Russia’s Novatek holds 60 percent stake in Yamal-LNG, France’s Total and China’s CNPC have 20 percent stake each. Yamal-LNG cannot attract Western investments because of anti-Russian sanctions, so, the key market for foreign borrowings is China.