Yamal LNG Project received $15 billion of investments — Leonid Mikhelson, Novatek CEO

Chinese partners invested about $5 billion and French partners — $3.7 billion

Leonid Mikhelson / Getty

 

Yamal LNG Project has been financed in the amount of $15 billion, Chief Executive Officer of Russian natural gas producer Novatek Leonid Mikhelson said on Monday at the meeting with Russian President Vladimir Putin.

Russian new agency TASS reports that Chinese partners invested about $5 billion and French partners — $3.7 billion, Mikhelson said. Shareholders of OAO Yamal LNG are Novatek (60%), China’s CNPC (20%) and French Total (20%).

About $15 billion have been invested to date, including two thirds being resources of the National Wealth Fund, Mikhelson said. “The time is challenging. Novatek is in the sanction list.

We received the second tranche [from the National Wealth Fund] and continue financing together with partners, ” Mikhelson said. OAO Yamal LNG is implementing the project of constructing the liquefied natural gas plant with the capacity of 16.5 million tons of LNG per year on the resource base of Yuzhno-Tambeiskoe field. LNG production start is scheduled to 2017.

 

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