Novak and Michelson discussed the project financing for Yamal LNG

Novak and Michelson discussed the project financing for Yamal LNG

The discussion was held in Paris, during the meeting of Minister of energy of RF Alexander Novak, Minister of Economics of France Emmanuel Makron.

MOSCOW, 30 Mar. Energy Minister Alexander Novak met in Paris with the Minister of Economics of France Emmanuel Makron, have informed in a press-service of the Ministry of energy.

“The meeting was attended by the head of NOVATEK Leonid Mikhelson. The parties discussed, in particular, issues related to project financing for the Yamal LNG project… Agreed that work will continue,” — said the representative of the press service of the Ministry.

The official Twitter of the Ministry of energy published photos from the meeting, which is also present senior Vice-President Total across continental Europe and Central Asia Mike Borrelli.

The shareholders of “Yamal LNG” NOVATEK are with a share of 50.1 percent, China’s CNPC and France’s Total — 20%, Chinese a silk road Fund to 9.9%. The head of NOVATEK Leonid Mikhelson said on 9 March that the shareholders expect in the next two to three months to close the financing for the project. The exact amount was not named, but was reported that it will amount to $ 20 billion. Funds will provide Russian, Chinese and international banks.

Last week, on 24 March, Russian Deputy Prime Minister Arkady Dvorkovich following the results of similar negotiations in China reported that the Chinese Premier Li Keqiang has vowed to accelerate the disbursement of project financing “Yamal LNG”. Mikhelson said earlier that 60% of Chinese funds will provide China Development Bank, 40% of China EximBank. Funds of Chinese banks should provide a larger share of project financing.

From the Russian side the savings Bank and Gazprombank will provide 3.6 billion euros in project financing, the company’s shareholders will consider this issue at their annual meeting on April 22.