Michelson: external financing for the Yamal LNG project will be completed in 2-3 months

MOSCOW, March 9. External project financing “Yamal LNG” will be completed in the next 2-3 months, said the head of “NOVATEK” Leonid Mikhelson on air of TV channel “Russia 24” on Wednesday.

“To date, funded by shareholders for about $13 billion,” – said Mikhelson. “$2.4 billion we received two tranches of the national welfare Fund (NWF). The total amount of financing more than $15 billion,” he continued.

“In the near future we expect the signing of a major loan agreements with banks. I hope that in the next 2-3 months the full issue of external financing will be closed,” said Michelson.

The capital cost of the project “Yamal LNG” will reach $27 billion, confirmed in late February, Michelson. According to him, “NOVATEK” plans to make a significant number of loan agreements for projects with banks from Russia, China and Europe.

“Yamal LNG” implements the project of construction of plant on production of liquefied natural gas (LNG) with a capacity of 16.5 million tons of LNG per year on the resource base of Yuzhno-tambeyskoe Deposit. The company’s shareholders are NOVATEK (60%), Chinese CNPC and French Total (20%). A shareholder must also enter the Chinese Fund “silk road” service 9.9% shares of NOVATEK.

Start of production of LNG scheduled for 2017, it will continue for at least 35 years.