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RUSSIA: NOVATEK TO SELL STAKE IN YAMAL PROJECT.

Summary: Novatek might sell a 9.9% stake in Yamal LNG project to the Silk Road Fund (Chinese fund) by the year end, according to Deputy Minister of Energy Anatoly Yanovsky, Interfax reports.

Novatek might sell a 9.9% stake in Yamal LNG project to the Silk Road Fund (Chinese fund) by the year end, according to Deputy Minister of Energy Anatoly Yanovsky, Interfax reports. The deal value might be USD 1bn, according to Kommersant. The amended intergovernmental agreement on Yamal LNG between Russia and China is also to be signed before the end of 2015, Yanovsky said. In addition, Silk Road Fund is to provide project financing for the Yamal LNG project to Novatek before 10 December, possibly of USD 500mn, Kommersant quotes its sources as saying. If the amended intergovernmental agreement is not signed, Novatek is to be obliged to accelerate repayment of that loan, Kommersant reports. Yamal LNG (currently 60% Novatek, 20% Total and 20% CNPC) is scheduled to start the first line of production with 5.5mmt capacity in 2017. Overall, it is to comprise three production lines with total capacity of 16.5mmt. Yamal LNG has already signed multiple contracts for LNG deliveries with: Gazprom (to sell 2.9mmt/a), Total (4mmt/a), CNPC (3mmt/a), Novatek (2.7mnt/a) and Gas Natural Fenosa (2.5mmt/a). In June, Sberbank, Gazprombank, Vnesheconombank, China Development Bank and Eximbank signed the key funding terms for the Yamal LNG project; the amount was not disclosed. The intergovernmental agreement on Yamal LNG between Russia and China was signed back in 2014.

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Publication:EMBIN (Emerging Markets Business Information News)
Geographic Code:4EXRU
Date:Dec 1, 2015
Words:277
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