Japanese, French credits for Yamal LNG

The Japan Bank for International Cooperation (JBIC) is ready to grant export credits worth €200 million to the project, newspaper Vedomosti reports. 

The money is to assist Japanese companies take part in the project, as well as nearby projected Arctic LNG-2. The negotiations are about to be completed and the documents could be signed in the course of December, Executive Managing Director Tadashi Maeda says.

At the same time, French Minister of Economy Michel Sapin confirms to Interfax that the country’s export agency Coface will get approval for financing to the the Yamal project.

The Yamal LNG is the most important French-Russian cooperation project between Total and Novatek, Sapin says to the news agency.

«I would like to note the interest of French authorities towards industrial partnership between Russian and French companies», the minister adds.

The Yamal LNG project has a total price tag of $27 billion, of which 12 billion is provided by Chinese banks and $13 billion by shareholder companies Novatek (51%), Total (20%), CNPC (20%) and Silk Road Fund (9,9%). Production will be launched late 2017. When peak production, project will amount to 16,5 million tons of LNG per year.

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The project unfolds on the northeastern shore of the Yamal Peninsula. Across the Ob Gulf, in the Gydan Peninsula, Novatek plans to construct a second LNG plant, the Arctic LNG-2.