Export-Import Bank of China and the China Development Bank have provided project financing for the Yamal LNG liquefied natural gas project, which is located in northern Russia.
To be more specific, OAO NOVATEK has signed loan agreements worth €9.3 billion (US$10.7 billion) and Y9.8 billion (US$1.5 billion) with the Export-Import Bank of China and the China Development Bank respectively. The total project investment is estimated at US$27 million.
The project is co-owned by Total SA, China National Petroleum and Silk Road Fund.
Yamal LNG project envisages the construction of an LNG plant based on the feedstock resources of the South-Tambeyskoye field. According to the PRMS reserve standards, the proven and probable reserves of the South-Tambeyskoye field as of 31 December 2014 were appraised at 926 billion cubic meters of natural gas. The project is currently at the active construction stage.
The planned LNG plant will have three trains with total capacity of 16.5 million tones of liquefied natural gas per year. First train will be operational by the end of 2017 and the full capacity will be achieved by 2021. In addition to the LNG plant, the project includes construction of a seaport and airport as also a 282 MW power plant.