MOSCOW, March 17. /TASS/. The Yamal LNG project has signed contracts for the sale of 96% of liquefied natural gas (LNG) it produces, Evgeny Kot head of Yamal LNG, told the LNG 2016 Congress on Thursday.

"96%, practically the total volume of LNG we produce will be sold under long term contracts. This means 20-25 years," he said.

According to him, the countries of Asian-Pacific region account for 86% of the contracts.

"The market has been determined and we know exactly where our tankers will go. Approximately 86% [of LNG volumes sold under contracts — TASS] will go to Asian-Pacific region," he said.

Yamal LNG is implementing a liquefied natural gas plant construction project with the annual capacity of 16.5 mln tonnes on the resource base of Yuzhno-Tambeiskoe field.

LNG production start is scheduled in 2017.

In December 2015, China’s Silk Road Fund signed an agreement on purchase of 9.9% in Yamal LNG from Russian natural gas producer Novatek.

After the acquisition the share of Novatek in the project is be reduced to 50.1%. China’s CNPC holds 29.9%, while French Total owns 20% and in the project.

Earlier in December 2015, as part of the deal on selling the stake in the project Novatek received a 15 year loan from the Silk Route fund to finance the project.