Novatek reported that the first cargo from the Russian Yamal LNG project would be shipped by the end of 2017. “Overall, the project is around 68 percent complete now, and the first stage [the liquefied natural gas production plant] is around 85 percent complete. We plan to bring the plant on-line at the end of 2017,” Novatek’s CEO Leonid Mikhelson said. Mr. Mikhelson estimates the total volume of orders around Russia at approximately RUB580 billion (USD8.958 billion).
“The shareholders financed USD13 billion; we received USD4 billion in roubles from Russian banks; and we have USD12 billion from Chinese banks,” Mr. Mikhelson said in regards to project financing.
According to the company, 16.5 million tons per year of LNG from the Yamal project has already been contracted out, a figure that translates into 96 percent of future LNG production.
The first tanker, which the company has named Christophe de Margerie, is undergoing testing at the present time.
Novatek owns a 50.1-percent stake in the Yamal LNG project. Other partners include CNPC with 20 percent, Total with 20 percent, and China’s Silk Road Fund with 9.9 percent.
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