Shareholders of "Yamal LNG" will give guarantees to the government within receiving of financial means from the Russian National Wealth Fund

Each shareholder of the project "Yamal LNG" will give guarantees to the government of Russia within receiving of financial means from the Russian National Wealth Fund proportionally to their shares.

It was declared by the head of NOVATEK Leonid Mikhelson on the world economic forum in Davos, Switzerland.

The guarantees on the project are the basic condition for receiving by the company of the first tranche in 75 milliard rubles from the Russian National Wealth Fund, as Interfax writes. As Leonid Mikhelson notes, when they discussed guarantees of the company to the state for the money from the Russian National Wealth Fund, the company made the suggestion that this loan, which would be placed through obligations, would be on one level with the whole other external crediting and should have received exactly the same guarantees of shareholders of "Yamal LNG". This form is being worked out with banks, and the guarantee from shareholders of "Yamal LNG" will be presented the government in the same form to, as he informs. Also as Leonid Mikhelson notes the issue about search for purchasers on 9 percent of "Yamal LNG" after attracting of 150 milliard rubles from the Russian National Wealth Fund becomes non-topical. There is no necessity in it with consideration of the solved issue on receiving of financial means from the Russian National Wealth Fund. The project is good and profitable, as the head of NOVATEK notes. As he underlines, this year the company does not intend to attract loans, it will decrease capital investments on 15 percent but not owing to personnel reduction. By his words, financial situation of NOVATEK is better that of some other Russian oil and gas companies, as 90 percent of expenditures are formed basically in rubles, not in foreign currency, and only a half of revenue is formed in foreign currency. As he says, taking into consideration that cost of oil and rate of exchange are connected practically directly, the company feels stable. As we should note, shares of the participants in the project "Yamal LNG" are distributed the following way: NOVATEK – 60 percent, Total (France) – 20 percent, CNPC (China) – 20 percent.