China will invest more than two milliard dollars to «Yamal LNG»
11:33 1 февраля 2016
Категории: News in English
The President of the Russian Federation Vladimir Putin signed the law about ratification of the protocol to the agreement between the government of Russia and the government of China about cooperation in fulfillment of the project «Yamal LNG».
This information is given on the official portal of legal information. Last week the agreement was ratified by the State Duma and the Federation Council.
Obligations of the Russian side on the protocol will allow the project «Yamal LNG» being in the investment phase with the big amount of credit funds to involve additional external financing from international banks. 150 milliard rubles were allocated from the Russian National Wealth Fund to the company «Yamal LNG» for purchase of bonds. Simultaneously, the Chinese state fund will purchase 9.9% of shares of the company. It will allow attracting 2 milliard dollars of investments to Russia.
The senators unanimously approved ratification of the protocol. The speaker of the upper house of the parliament Valentina Matviyenko highly appreciated the economic effect of signing of the agreement and underlined big significance of the project «Yamal LNG». As she says, she visited Yamal and is familiar with the project. According to the global scale, it is the largest investment project, very important for development of not only Yamal-Nenets Autonomous Okrug but also for the whole Russia, as she notes.
In the opinion of the deputy chairperson of the board of the company «NOVATEK» Denis Khramov, there are no problems being expected with financing and timely fulfillment of the project «Yamal LNG». Leonid Mikhelson declared about it to journalists after the recent session of the Russian-French Council for economic, financial, industrial and trade issues (CEFIC). And the head of Sberbank (The Saving Bank of Russia) Herman Gref is sure that the project will be paid off at any even unfavorable prices for hydrocarbons.
Promising outlook of the project «Yamal LNG» was confirmed on the big press-conference by the head of the state Vladimir Putin. The President underlined that this arctic project would have access to all world markets. As he says, certainly, the project is necessary. Yamal is the gas and oil treasury of the country. The project is being developed and will be developed, as he notes.