Vnesheconombank approved allocation of guarantees on three milliard dollars to "Yamal LNG"

The supervisory board of Vnesheconombank approved allocation of guarantees on three milliard dollars on the project "Yamal LNG" for building of the plant on liquefying natural gas and necessary infrastructure. This information was given to journalists by chairperson of VEB Vladimir Dmitriyev, as RIA "Novosti" informs.

According to his words by the results of the sitting, he thinks that a timely and format decision was taken on "Yamal LNG" about allocation by Vnesheconombank of the guarantee in the size of 3 milliard dollars. As it is known, preliminary VEB conducted negotiations with NOVATEK about credit in one milliard dollars. But now the amount of risks actually taken for NOVATEK three times increases. The bank hopes that live money will not be required. Urgency of taking of such decision is explained with necessity to complete negotiations with foreign partners of NOVATEK – Chinese and French companies, as Vladimir Dmitriyev says. The project "Yamal LNG" foresees building of the plant with capacity 16 million and 500 thousand tons of liquefied natural gas per year on resource base of the South-Tambey field. The total cost of the project makes 26 milliard and 900 million dollars. The first stage of the plant, as it is expected, will be started up in 2017. In total it is planned to build 3 stages. The project is being fulfilled by NOVATEK together with Total (French) and CNPC (China).