Yamal LNG project continues despite sanctions

August 8, 2014

Russia’s Yamal LNG project and construction of the Port of Sabetta are on track despite Western sanctions, head of project operator Novatek says.

According to Leonid Mikhelson, CEO of Novatek and project manager of the Yamal LNG project, Western sanctions against Russia have not hurt the project’s production and commercial activity. However, Novatek and the other shareholders in the project, including France’s Total and China’s CNPC, will have to rely more on its own capital to finance the project because of the sanctions.

“We are able to increase the share of stakeholders’ financing to stick to the timetable,” Mikhelson said at a press conference a day after the company posted forecast-beating second-quarter net income, Moscow Times reports.

Copyright, Barents Observer, 2014.