Novatek notes a slight delay in attraction of funding for Yamal LNG

Novatek notes a slight delay in attraction of funding for Yamal LNG. This was reported by chairman of the Novatek’s Board of Directors Alexander Natalenko.

"Maybe, some minor time shifts in the organization of the debt financing (for the Yamal LNG project) will take place, but this, in our opinion, this won’t affect the deadlines for implementation of the project," - said Natalenko.

He added that foreign shareholders also "correctly assess the situation and increase the proportion of equity financing".

As it was reported, the investment in the Yamal LNG project will be $8 billion the end of the year, the total investment in the project will make up about $30 billion.

As of July the 31st, Novatek and its partners in Yamal LNG, Total and CNPC invested in the project $5.8 billion. The company’s financial director, Mark Jetway also stated that 95% of liquefied natural gas from the project had already been contracted, and plant site was 75% completed.