MOSCOW, May 29. /TASS/. Russia sees huge potential regarding cooperation with Spain in LNG projects, Leonid Mikhelson, Chief Executive Officer of Novatek gas company and head of the Russian-Spanish business council, said Monday.

"After Yamal LNG is launched Spain will become a big importer of Russian liquefied natural gas. We see huge potential in the development of LNG cooperation," he said.

Yamal LNG will launch supplies of liquefied natural gas to Spain in 2018. "We’ve signed (documents on - TASS) supplies of 2.5 mln tonnes of LNG from Yamal LNG with Spanish companies. Supplies will be launched starting 2018, the 25-year contract is totally worth more than 30 bln euro," he said.

Financial institutions of Germany and Sweden plan to join the financing of Russia’s Yamal LNG project, he went on. 

"Financial institutions of China, Japan, Italy, France are participating in the Yamal LNG project. Germany and Sweden are planning to join. As we see investors from all over the world continue to put their money into the Russian economy," he said.

According to Mikhelson, Russia sees huge potential regarding cooperation with Spain in LNG projects. "After Yamal LNG is launched Spain will become a big importer of Russian liquefied natural gas. We see huge potential in the development of LNG cooperation," he said.

"(It will take) probably one or two months I think (to raise financing - TASS). Probably more than 200 mln euro," he said, when asked about finances to be raised from Germany and Sweden for Yamal LNG.

The launch of the Yamal LNG plant with a capacity of 16.5 mln tonnes of liquefied natural gas per year is expected this year. The project’s cost is estimated at $27 bln. Almost the entire volume of LNG that will be produced at the plant has already been contracted (96%).

The shareholders of Yamal LNG are Novatek (50.1%), Total (20%), CNPC (20%), and the Silk Road Foundation (9.9%).