Russia's Yamal LNG receives $1.13 B in financing
Russia's Novatek-led Yamal LNG project has received its first financing tranche of $1.13 B from Russia's Sberbank and Gazprombank.
Under the agreement, signed in April, the two banks will supply Yamal LNG with loans worth a total $1.13 B.
The first tranche would help the $27-B project start producing LNG next year, as planned, the firm said in statement.
Three LNG production lines are envisaged, each with an annual capacity of 5.5 MMtpy. All output will be exported.
The first LNG train is more than 70% complete, Yevgeny Kot, director general of Yamal LNG, said in the same statement.
Yamal said its total external financing was equivalent to $18.4 B. That included loans to be provided by Chinese banks worth over $12 B.
The project has already secured Russian state funds worth 150 B roubles ($2.31 billion) from a rainy day fund.
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