OAO Yamal LNG (“Yamal LNG”) on June, 2016, reported withdrawing the first tranche of financing in the amount of EUR 0.45 billion provided by the China Development Bank and the Export-Import Bank of China under loan agreements signed on 29 April 2016.
The financing from the Chinese banks is part of the project finance package totaling the equivalent of $18.4 billion, of which more than $4.6 billion has already been withdrawn.
Yamal LNG is involved in the construction of the 16.5 million tons per annum natural gas liquefaction plant on the base of the hydrocarbon resources of the South-Tambeyskoye field.
First LNG production is scheduled for 2017.
Yamal LNG shareholders are: NOVATEK (50.1%), CNPC (20%), Total (20%), and Silk Road Fund (9.9%).