The sum of credits of Italian banks for “Yamal LNG” can exceed four hundred million euros

The sum of credits of Italian banks for the project “Yamal LNG” can be higher than 400 million euros. The head of the Ministry for economic development of Russia Aleksey Ulyukayev gave this information after the meeting with the Minister for economic development of Italy Carlo Calenda.

The banks will give the guarantee in the amount of 400 million euros for Italian banks, first of all, for the Bank Intesa, as TASS quotes the words of Aleksey Ulyukayev. The amount of credits will be bigger because the guarantee does not cover 100 percent of the credits. According to the Russian Minister, now all corresponding issues are being practically finalized, and financing can be provided already next year. According to the information given earlier, with reference to the Chairman of the Board of Directors of the Russian subsidiary of the Italian Bank Intesa Antonio Fallico, this bank may become an agent for the intercreditor agreement for 200 million euros within the project of construction of the plant on liquefying of natural gas “Yamal LNG” for the Italian export agency “Sache” and French “Coface”. Initially it was planned to allocate investments to the project on the part of American and European banks and export agencies. But in 2014 NOVATEK fell under the sanctions, and the scheme of financial support was shifted to banks from Russia and China, as it is informed on its website angi.ru. OAO “Yamal LNG” fulfills the project of construction of the plant on production of liquefied natural gas with the capacity in 16.5 million tons per year on the resource base of the South Tambey field. The start of LNG production is planned for next year. The shareholders of “Yamal LNG” are: NOVATEK - 50.1%, Total and CNPC - 20% each, the Silk Road Fund - 9.9%.