Russia’s Novatek to spend less on Yamal LNG project

January 29, 2014

CNPC will be the main financier of the Yamal LNG project after buying 20% of shares from Novatek. In the meantime, Novatek continues to look for new partners to buy another 10% of Yamal LNG.

Novatek head Leonid Mikhelson said that his company, which holds 60% of the project’s shares, would cut financing by 66%, Kommersant newspaper has reported. Mikhelson said this was one of the conditions to China’s CNPC.

CNPC and Total are expected to invest $2.5 billion each in the project while Novatek is expected to contribute an additional $2 billion.

Copyright: Pravda URFO, 2014