Novatek-CNPC ensures financial support for the Yamal project
2013-09-12 09:00
Novatek, a Russian natural gas producer, and China National Petroleum Corporation (CNPC) signed a memorandum of understanding (Memorandum) with a consortium of Chinese financial institutions on October 10 regarding financial support for the Yamal LNG project in the Russian Arctic.
According to the agreement, a plan is being considered to encourage a consortium of Chinese commercial banks to actively participate in the financial support of this LNG development project. This consortium is organized by the China Development Bank, Industrial and Commercial Bank of China, People's Bank of China, and China Construction Bank. In addition to these banks, foreign export credit agencies (ECAs) and commercial banks worldwide (excluding Russia) may also participate in the financial support of the Yamal project.
On October 5, NOVATEK and China Petroleum signed a contract for the sale of a 20% stake in the Yamal LNG project, under the auspices of President Xi Jinping and President Vladimir Putin. Following the relevant procedures, China Petroleum's acquisition of the 20% stake in Yamal is expected to be completed by December 1 of this year. Upon completion of this transaction, NOVATEK (60%), Total (20%), and China Petroleum (20%) will hold the respective shares in Yamal LNG.
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